The short-term trend in silver futures is still up. Silver futures bottomed out in late May and have since the added $1.20 in premium. However, silver is woefully behind in the precious metals rally. The silver to gold ratio is at a 27-year high of ninety-two to one! I think that silver has a lot of catching up to do. I think that if silver can get a good punch through the $16.00 level then silver bugs can get excited about the $18.00 to $20.00 range. It’s going to take a breakout above $16.00 to wake up the silver bulls, but traders should be paying attention to this wide spread between the top two metals. This differential has just gotten way too wide. It does not matter whatever excuse or explanation you attribute to the gold market rally…silver is a proxy for gold! If you believe in gold strength you should be buying silver. The silver market is explosive and the “real” rally in silver is yet to come.
Silver Jul ’19 Daily Chart