Today Bitcoin is down and the Nasdaq futures are red. It appears like May is going to be another rotation month out of the most speculative and highly valued stocks and into new things again. Be very careful of such things as TSLA and the ARKK ETF and it’s holdings. If you were someone who bought Bitcoin above 50,000 along with the crowd be even more careful! You may want to sell all crypto coins and put that money into silver – with the intention to hold it as a real investment.
Last week we saw gold rally hard after the Wednesday FOMC meeting up towards its $1800 resistance level only to pullback on Friday. Silver also made a similar breakout attempt. These now look like final shakeout Friday dips as yesterday silver finally closed above its high of April yesterday.
You can see the nice 4% plus Monday on this silver chart, but the important thing is it closed above its April high and right under $27 an ounce. Everything is in gear now as a silver launch just means a gold one is coming soon too. What happened is yesterday the dollar faded on more inflation proof.
The GDX had a nice move higher and now HL is in position again to breakout after what looks like a final Friday pullback.
Watch the $6.50 price point on HL now, because above that would mean price resistance has been taken out.