The $70 level is the floor in the overall consolidation. I do think that silver has more of an upward tilt to it, so buying dips could be a way to play this market, but you’re going to have to be very cautious, as silver is much more volatile than gold. The interest rates in America, of course, have a major influence on what happens next. Silver will continue to move based on interest rates, so make sure to watch them.
If interest rates in the United States start to pick up, then that will put a lot of pressure on silver. I think the biggest thing to pay attention to when it comes to the silver market is the 10-year yield. If it starts to drop, that would be good for silver, but obviously, it jumped at the open. I have no interest in shorting this market, and I do think that little pullbacks will probably offer a bit of value for those looking to get into the markets. Regardless, eventually we will go back to the supply and demand equation, which does favor silver longer term.