What's up YouTube Silver dragons here And in this video I want to give you an Overview of where I see silver going Over the next few weeks we've already Seen Silver Price move down 23 cents Today however I think it's going to get Worse there's a few meetings coming up There's a few big events coming up over The next few weeks which will determine If we see silver price move back down Into the teens or see silver price go up From where it is right now so that's What I want to talk about in this video Let's Do It Thank you so much for watching my video I do sincerely appreciate it if you want To learn more about investing in Precious metals or if you just want to Watch awesome videos about gold and Silver make sure to subscribe to my YouTube channel okay so what events are Going on over the next few weeks which Will decide if silver price moves up or Moves down from where it is right now so To kick things off today is Monday March 6th and if we read the headline here From this Kitco news article says gold Silver tread water ahead of Powell and Jobs data so Fed chair Jerome Powell is Going to be speaking over the next few Days and based on what he says this Certainly could have an effect on silver Price and then we're gonna get the jobs Data on Friday so there's a lot coming
Up this week if we just read the first Part of the article here focus is on Fed Chair Jerome Powell's testimony on U.S Monetary policy C to Senate and House Committees on Tuesday and Wednesday so Over the next two days then comes the February U.S employment situation report From the labor department on Friday Morning the key non-farms payrolls Component of that report is expected to Show a rise of 225 000 jobs following a mammoth rise of 517 000 in the January report if we look at Silver price over the last few days we Can definitely see some volatility Whenever news comes out so on Friday March 3rd we got the report for the U.S Service sector for the month of February It was good the service sector grew we Saw silver price initially dip down However then it recovered and gained Even more before the markets closed Contrast that to today we're seeing no News come out and this slow downward Trickle in silver price leading up to Powell speed speaking so basically if He's talking about raising rates even More possibly bigger rate hikes then This is going to be really bad for Precious metals super bearish I mean We're probably going to see gold and Silver dip much lower however if he's Talking about maybe stopping the rate Hikes pivoting uh even lowering rates
That's going to be super bullish for Precious metals so basically just has to Do with what he says over the next few Days I definitely expect to see some More volatility if we look at Jim Wyckoff's Market rating for Silver he Gives it a 3.5 which is a bearish rating Anything under five he thinks silver Price is probably going to go down so I Agree with that I think we are going to See silver price move down over the next Few days based on what Powell says and Then obviously the employment data on Friday is going to have an effect on Silver price as well the next fomc Meeting is on March 22nd 2020 E3 so we Still have a few weeks until we get There however CME Group is predicting a 25 basis point rate hike uh they're Saying 69.4 percent chance of this Happening so they're pretty confident However 30 percent chance that there's Going to be a 50 basis point rate hike If this happens this is going to be Really bearish for precious metals Obviously the higher rates go the Stronger the dollar will get and because Silver is essentially the opposite of The dollar we could see silver move a Lot lower and one other thing I want to Point out is that on Tuesday March 14th We're going to get the inflation data From February so based on that data this Will obviously affect their decision on
The next rate hike I mean if the data is Looking really promising if we see Inflation moving down at a steady Pace Then they might do a smaller rate hike But if inflation goes up for example They're probably going to do a larger Rate hike so there's a lot of stuff to Factor in there's a lot of news coming Out over the next few weeks that are Going to affect precious metal prices But I do expect to see silver move lower And we could see silver move down into The 19 range over the next two or three Weeks which would be crazy to see Because this would be an excellent Buying opportunity I do want to briefly Go over the Keith newmeyer article that Came out today on Kitco the headline is Silver Mines will likely be bought by Automakers like Tesla silver to 125 Dollars per ounce so Keith newmeyer is Super bullish on Silver uh long term if You don't know who he is he is the CEO Of First Majestic silver they have a Massive silver mine in Mexico so he's Predicting that over the course of Probably the next few years we're going To see silver move up to 125 dollars an Ounce if we just dig into the start here Automotive companies like Tesla could Soon purchase Silver Mines as they seek To control Supply over critical Metals Required for electric vehicles that's According to Keith newmeyer presidency
Of first Majestic silver who forecasts That this combined with other Demand-driven factors will send the Price of silver up to 125 dollars per Ounce and I listened to the article or The interview rather and I don't think He really gave a time frame for that but If we scroll down here newmeyer pointed Out the fact that silver is needed for Car batteries and solar panels to Operate efficiently newmeyer observed That based on estimates the average Tesla vehicle contains one kilogram of Silver as demand for electrification Grows the silver price is expected to Rise so that's really interesting uh he Talks about some other stuff in this Article which I'm not going to go over But he is thinking we'll see 125 silver In the future obviously if we see a dip In silver price over the next few weeks And over the next few months this would Be a great buying opportunity especially If we're going to see silver go that High over the next few years that is Some of the craziness going on with Silver right now honestly if we do see a Nice dip in silver price possibly silver Going down 50 cents or a dollar this Week or next week I would say back up The truck baby this is a great time to Be buying more silver especially with Lower premiums across the board I am Definitely eyeballing some Canadian
Silver maple leafs I want to pick up Some more Maple Leaves if you watch my Video last week I talked about adding to My Monster Box I want to finish my Monster Box of Canadian silver maple Leafs so I think I need 150 or 175 more Coins to do that so I'm definitely going To be buying some more silver especially If we have a nice dip when you see red For silver price that means it's time to Buy leave your comments below what do You think is going to go on with silver Price it'll be really interesting to see How all of this pans out I do want to Say a massive thank you so much for Watching and I will see you all in my Next one silver dragons out
