Tom welcomes Patrick Karim back to the show to discuss his latest charts on silver. Patrick is a proprietary capital manager and chart trader. Patrick is cautiously optimistic about precious metals and, in particular, silver. He says, “We are at a deciding point, and we could go either higher or lower.” The risks to the downside for silver are quite low since it has been so unloved. We could have a nice move higher for silver once most of the weak hands have been shaken out.
Patrick says, “It’s likely go time for silver.” He discusses several charts on silver and the miners and why an explosive breakout is entirely possible. He expects a bullish period and cautions investors to avoid listening too much to the echo chamber. It’s essential to have tools and techniques to filter out the noise and make sound decisions. He gives some suggestions for selling once we get a specific distance above the fifty-day moving average. He expects to see $31 by early next year, and then there is potential for higher prices into the $58 range. Patrick thinks we may have already broken out of the long-term bear trend. Everything shows potential, and silver will move very quickly higher once we break above $19 to $20.