Chart of the Day - Tuesday, July 21st, 2020

Today’s Chart of the Day was shared on Twitter by Nautilus Research (@NautilusCap). It's a chart of Silver over the past 53 years. Silver has been gaining a lot of attention lately, and rightfully so. Silver Futures surged more than 7% today to a 4-year high of $21.68 per ounce.  This is pretty remarkable considering that in March, Silver was trading at its lowest level in over a decade, around $11.75 per ounce. That's an 83% rally in just four months...talk about momentum! Today marks the 10th time since 1967 that Silver hit a 4-year high for the first time in over a year. The table shows the prior nine instances, along with the short and long-term forward returns. On average, the short-term returns (1-week & 1-month) following this signal have historically been lackluster, while the longer-term returns (3-month, 6-month, 1-year) have been quite positive.