Will silver reach $20 in 2020?
“As we can see in the chart of seasonality for silver, we’re heading into one of the most attractive times to be buying silver, with the metal typically bottoming in mid-June to early July going back over fifty years. If we look at the above charts, we can see that silver usually gains over 6% between now and the end of Q3, a respectable performance for just over a 3-month hold period. Despite this attractive timing window to be buying pullbacks in silver, we didn’t see any sign of this last week from small speculators, with bullish positioning remaining at relatively subdued levels.”
USAGOLD note: With everything else that is going on in the economy and financial markets, It is easy to overlook the fact that we are heading into the summer doldrums for the precious metals – a time historically when demand sags, prices typically stay in a range, and dip-buyers take whatever opportunities might present themselves. Then again, as unpredictable as markets have become, anything could happen – including a summer rally in precious metals prices.
Chart courtesy of GoldChartsRUs.com
Repost from 6-16-2020