Silver Tags A 16-Handle Just As Expected And That Can Only Mean One Thing (Or Two)

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from Silver Doctors:

On Friday I said this would happen.

I warned that silver would hit a 16-handle, only I thought on Friday, but we hit it today.

Not many people read the article, so I’ll recap:

A ‘has-been’ trader who has been in the markets for way too long has now become a contrarian indicator. That’s my working theory anyway. I took a lot of heat for it because the guy has clout, and for some reason people still listen to him – but think of it another way: Does anybody really think Michael Jordan could come out of retirement today and keep kicking the young guys’ butts on the court today? Or that Steven Tyler can still carry a tune like he did in the 1970s? What supports my case is that not only is the famous trader somebody I consider a ‘has-been’ in the markets, but he is a stout price suppression/market manipulation denier.

So far after recognizing it, my contrarian indicator is two for two.

So here we sit at a 16-handle in the pre-market.

Enough of looking back. Let’s look ahead.

In the coming week we can see data points galore.

Monday through Wednesday we have soft data, hard data, and lots of housing data:

Has enough time gone by since the ‘greatest tax cuts ever’, that we will finally start to see the housing market affected?

Here’s some fundamental factors affecting housing right now:

Rising interest rates
Doubling the standard deduction
Capping the SALT deduction
All of those factors put pressure on the housing market for prices to come down. It would be wise to start following housing a little more closely as we just now are getting into prime house buying/selling season. The source of the last financial crisis is often blamed on subprime mortgages and the housing bubble, so time to keep tabs on the state of the American Dream.

Thursday through Friday we get two especially important data releases:

Thursday we get international trade data, and Friday we get the first official estimate of Q1 GDP.

I guess the two questions would be: What ammo, if any, will the trade data give to President Trump, and two, will he or will he not take credit for Q1 GDP?

As far as gold & silver price smashes, look for pressure on Friday. While not the jobs number, or an FOMC meeting, the cartel does like to smash on GDP numbers.

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