Michael Noonan: Silver – No Time to Waste, Get it Now!
TheDailyCoin.org
July 16, 2016
I sat down with Michael Noonan, Edge Trader Plus, to get his take on the current state of the silver and gold market. Michaels approach to trading is a little different than most of the other people I speak with in that he simply watches the movement in the charts and tunes out everything else.
Michael is not concerned with fundamentals, and, quiet frankly, fundamentals have not played a role in the movement of silver for many years. The price of silver is only determined by the amount of paper being moved around on the COMEX, nothing else.
We take a look at the movement in the gold charts as well, but the real action is in silver. The gold/silver ratio (GSR) is on the move and now sits at 66:1 which is close to a 20 point improvement in just a couple of short weeks. The GSR, historically, has been in the neighborhood of 12-15 to 1. Real quick for newbies the GSR is the number of ounces it takes to acquire an ounce of gold. Currently, it takes 66 ounces to equal golds current value. The GSR is a great trade and Michael explains one of his recents trades based on the GSR. I made the trade as Michael a couple of years ago and, like Michael, am looking forward to reversing that trade.
Silver and gold are looking very strong for the remainder of the year. While none of us have a crystal ball and, therefore, can not make predictions, there seems to be a number of people that believe the silver and gold market are set up for some major movement through years end and into 2017. Will this movement be based on what is happening with the dollar, the euro, yen or other currency? Only time will tell. The dollar, while currently strong, is very weak and getting weaker by the day. The Chinese and Russia are beginning to make bigger and bigger moves with their economic and financial infrastructure. What most people don’t realize is the dollar is almost 100% dependent upon others for it’s strength or lack of strength. If another nation, like China, decides they would rather do something differently, the status of the dollar changes and those changes can occur very quickly.
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