Silver is pumping today... did I miss the boat?

[VelocityFX]

Hey everyone, I'm pretty new to commodities and I just saw on FXStreet that silver hit $56.71 per ounce today. It was sitting around $55 yesterday so seeing a 2% jump in such a short time feels pretty massive to me. I've been watching XAG/USD for a little while now but ngl I'm starting to feel that fomo hitting hard. I’m really worried that if I don't get in now I'm going to miss a huge move, but I also don't want to be the guy who buys the literal top.

Does this kind of price action happen often with silver or is there some major news I missed? I’m still trying to learn how to read the charts and everything feels a bit overwhelming when prices start moving this fast. I really want to start building a position but I’m scared of getting stuck holding heavy bags if it decide to dump back to yesterday's levels. I'd love to hear from some of the veteran traders here about how you handle these sudden spikes.

Should I wait for a dip back toward $55 or is it time to just send it?

 

[LeoSterling]

Imagine longing a rock in 2024. Just buy SOL and send it already, silver is for boomers who want to retire in 40 years. You didn’t miss the boat, you’re just in the wrong ocean. Stay poor or get on chain.

 

[JulianCraft]

Just buy SOL and send it already, silver is for boomers who want to retire in 40 years.

@LeoSterling Good luck with that when sticky CPI numbers force the Fed to keep rates elevated way longer than the market is pricing in. Everyone talks big about risk assets until liquidity actually dries up.

To OP, I wouldn't chase silver today anyway. High real yields make non-yielding assets a tough hold right now, and Powell is nowhere near done squeezing this economy. Be patient, there's way too much macro headwind ahead.