How much lower can Silver go? Already down 10% from recent highs.

Silver had yet another down day. It has been a very painful December so far with silver falling quickly from its highs from the start of the month. After having a 20% run in November from the bottom of the top, it's no retraced over 10% of that gain and shows little signs of stopping. Today look like it might be a green candle to start, but before long it went back to the red. I have no confidence in either direction or silver in a short-term other than I expected to continue to be very volatile.

2023 had consisten 10%++ Swings

Looking back at the charts silver has had a history of 10% swings up and down quite regularly a second half of last year. It seems to be more volatile than I remember in the past, or maybe I'm looking at it in a shorter time frame. Either way given the current sell-off and the fact that I closed my position at close to the top I am currently on sidelines and waiting for the entry point. I tend to watch the price and the RSI levels to give me an indication of when I think it could turn around. Right now the RSI level is nowhere near the low points I like to Target while at the same point far off from the tops where I think it might be overbought. Silver could easily go sideways for quite a while here and maybe that's the best thing it could do to close out the year. I would love to be able to get back in and repeat the trade of last time where I got in low and managed to pull off a 20% gainer, but it's unlikely as I tend to only target making 8 to 10% before exiting the trade given its volatility. I'm more than happy to try to stack a couple of 10% wins in a year and call it good on my silver trades.

New Trading Indicator

On a side note, I'm starting to get my tin foil hat conspiracy going. I also tend to notice a day or two before the silver price drops significantly I start to get inundated by the physical silver online dealers telling me they have dropped their premium and want to move it product. I'm not saying the game is rigged, even though we all know the game is rigged. I think I'm going to start to use those emails as a sell indicator if I'm in a position, and get out before I experience a 5 to 10% drop.

I know none of these games are real since this is all the worthless paper market, but given that I have funds locked in accounts that restrict my ability to buy physical, I do the next best thing and try to play the swings with a funny paper, with my funny money.

Always Buying Physical

I still try to buy physical when I can and I'm hoping to get some more over Christmas when I can visit my local LCS and see what vintage stuff they have on hand. I won't have much cash to allocate this Christmas after the holiday shopping and BTC purchases, but I will see what I can do

This is never financial advise, I am an idiot - do your own research.

I would have a lot more money if I never trade stocks, commodities, or crypto - so don't listen to me