The price of silver has continued to consolidate over the past week, digesting its impressive gains since mid-December.
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Just three days ago, the widely followed U.S. Dollar Index (DXY) was trading at 92.5. Today, it's already 200 basis points, or more than 2%, lower. The dollar has now clearly broken down like I've been saying we should expect.
After such a persistent three-week advance, it seems silver is taking a well-deserved break.
With this week's slight pullback in mind, I've just released my newest silver price target...
The price of silver's rise from its mid-December ashes has been nothing short of spectacular.
Thanks to that rally, the silver price finished 2017 ahead 6.7%. If you consider its 2016 gain of 14.3%, then silver appears to be joining gold in its return to secular bull market action.
Silver prices are on the rise, and historic data shows that this could be just the beginning for this rally...
The Federal Reserve's tightening monetary policy is one of the silver price catalysts that's helped start this latest rally.
Last week, before the unsurprising Fed interest rate hike, Peter said the end of the silver price pullback could be close. He also said the "insurance" offered by precious metals was cheap.
It was time to buy.
Silver prices have continued to struggle, but the end may be nigh.
Remember, above all, precious metals are insurance. And right now, that insurance, especially relative to pretty much all other asset classes, is dirt cheap.
With an abridged trading week last week, the price of silver was unable to gain any significant traction, climbing just 0.6% for the week.
Despite the stagnant performance last week, I still see silver prices climbing significantly by the end of the year.
Silver prices have been choppy lately, failing to maintain above the $17 level.
But Peter thinks they'll see a strong rebound before the end of 2017.
The silver price hasn't been able to maintain above the $17 level recently.
Still, we think it could explode to above the $20 level by the end of the year.
Silver prices have been beaten down so far this quarter.
But their 2.6% rebound last week have investors wondering if more gains are coming this year.
The silver price has declined nearly 2% over the last week, currently trading below $17.
But we're still confident that the metal will post a big rebound before the end of the year.
Silver prices have declined by more than 2% over the last week as the dollar maintains its rally.
The recent weakness has investors wondering if the metal's decline will persist into November.
Silver is off to a strong start this month so far, climbing to a one-month high of $17.41 last week.
Although prices may back off in the next couple weeks, we predict they'll rebound through the last two months of 2017.
The big silver news last week was the metal posting its first weekly gain in one month.
Silver's rebound has investors wondering if it will continue through the rest of the fourth quarter.