Industrial Production Leading Silver Lower
The industrial proxy peaked in early 2018 along with silver prices. It has ebbed and flowed, but the trend is obvious. Much of this has to due with China's economy rapidly slowing down. Even the state-run manufacturing PMI is about to dip below 50 into contraction while data from SpaceKnow suggests China's manufacturing sector is already below that 50 threshold.
U.S. industrial production peaked last October.
The 20-day correlation between silver and the industrial proxy is .56; the 20-week is .77.
The intermediate TACVOL range for silver is 17.41/13.30 and currently trading at $14.02. The score is -1.33 indicating in bearishness but not poised for a major inflection point.
There is a slight caveat: silver's volatility has slammed traders since mid-October. The VXSLV (SLV volatility) is currently 22.30 with a TACVOL range of 22.11/16.00.
U.S. industrial production peaked last October.
The 20-day correlation between silver and the industrial proxy is .56; the 20-week is .77.
The intermediate TACVOL range for silver is 17.41/13.30 and currently trading at $14.02. The score is -1.33 indicating in bearishness but not poised for a major inflection point.
There is a slight caveat: silver's volatility has slammed traders since mid-October. The VXSLV (SLV volatility) is currently 22.30 with a TACVOL range of 22.11/16.00.
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