Expect Sharply Higher Silver Prices In The Years To Come

Expect sharply higher silver prices in the years to come.

Silver
November 5 (King World News) – Peter Brandt:  I’ve drawn this chart in a couple of ways — weekly line and daily candles.

All evidence points to a falling wedge at this time with final low slightly below 50-year support.

KING WORLD NEWS NOTE: Brandt Illustrates Silver At Or Near Major Bottom

Remember, prices after escaping a falling wedge typically roll out — they do not burst out (Schabacker, Edwards/Magee)

KING WORLD NEWS NOTE: Brandt Expects Sharply Higher Silver Prices In The Years To Come

But the current outlook is for sharply higher [silver] prices in the years ahead however we get there.

I was hoping for low $40s but not likely to get under wedge interpretation.

Gold Breakout
Rashad Hajiyev:  Gold finally breaks upside 2-month descending channel…

KING WORLD NEWS NOTE: Gold Has Now Broken Out!

Cargo Ships Transiting Strait Of Hormuz Down 70%
Gerald Celente:  The number of cargo ships transiting the Strait of Hormuz was 70 percent below the typical number transiting the waterway before 28 February when the U.S. and Israel attacked Iran, according to the group U.K. Maritime Operations.

Just 277 ships crossed through the channel during the week ending 28 October, the group said.

The strait remains under Iran’s control. Ships attempting to sail through the strait along Iran’s designated route without Iran’s permission risk attack. Those seeking to use alternative paths risk running into mines. 

Under the terms of a mid-June agreement between Tehran and Washington, Iran assumed responsibility for managing the strait and keeping it open. 

However, the U.S. then blockaded the strait in violation of the agreement. In retaliation, Iran seized control of the waterway, first shutting it down and later imposing strict rules over which ships could use the passage and what routes through it would be safe.

TREND FORECAST:
If Trump resumes bombardment of Iran, traffic through the strait will effectively cease. That will throw the world’s oil and liquefied natural gas markets into chaos. Prices will soar and panic buying will reign.

If Trump does not attack, and a true peace deal is made with Tehran, they will open passage and that will bring down oil prices.

On 2 November, Iran responded positively to a letter from U.S. vice president J.D. Vance attempting to resume peace talks. If those discussions take place, the strait will be a prominent topic.

However, we forecast that this is just a Trump ploy to bring down oil prices in the run-up to the mid-term elections and that the U.S. and Israel will ramp up the war following Election Day. This, in turn, will again spike energy prices.

Crude Oil
Ole Hansen, Head of Commodity Strategy at SaxoBank:  Crude oil tumbled 8% on Wednesday. 

It is probably no coincidence that the front-month Brent contract has slumped by more than 16% this week, with roughly half of that decline occurring following the US midterm election results. President Trump has acknowledged that Republican losses were largely linked to the Iran conflict and rising fuel prices, while signalling no immediate escalation of military strikes.  He appears increasingly keen to move on from the conflict, while Iran may have achieved one of its political objectives by contributing to a Republican defeat through elevated energy prices. A Democratic-controlled Congress could also increase pressure on Washington to bring the war to an end.

Attention now turns to negotiations and whether a credible agreement can be reached. The oil market is clearly pricing in an increased likelihood of a diplomatic breakthrough, but no deal has been reached, and the two sides could still be far apart. To sustain the recent decline in prices, the market needs to see positive signals from both Tehran and Washington pointing to genuine progress and a willingness to compromise. So far, the sharp selloff has been driven more by hopes of a breakthrough than by concrete announcements or tangible progress towards an agreement. Without such progress, prices could quickly rebound as traders reassess the risk of prolonged supply disruptions.

Gold & Silver Takedown
To hear more about the gold and silver takedown from James Turk CLICK HERE OR ON THE IMAGE BELOW.

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