Silver Not as Obsolete as Silver Spoons

Given the frenzy in the cryptocurrencies, it may very well be easy to dismiss the precious metals and miners as no longer attracting much interest even when the U.S. Dollar slumps. However, I would not be so quick to dismiss the precious complex, as they will always have their skeptics regardless of other alternative investments. 

Beyond that, note the technical progress that the silver ETF has made since we looked at the long-term chart two Fridays ago.

On the SLV daily timeframe, below, silver bounced off major support (lower light blue line), then held its 20-day moving average (arrows) and is turning in a strong performance as I write this, up more than 2%. To be sure, more work needs to be done for gold and silver bugs to claim victory and brand new uptrend. However, this is very good start under the cover of plenty of headlines to distract market players from these moves. 

Going forward, we want to see the precious miners continue to improve even if the Dollar stages an oversold bounce. Should the cryptocurrencies correct, I would also be looking for some of the hot money to rotate down to precious miners. 

In my usual Midday Video for Members, we will take a closer look at some of the better setups in the precious mining space, along with the broad market in general.