Am I reading this right.... Looks to me like the price of silver nearly made it a diollar higher in just under 24 hours, from 34.71 to 35.42, depending on when you read this of course. I know it is too early to get excited just yet but I am going to have a second biscuit with my tea anyway.
If you have a second biscuit, you've eaten your $1 gain! Seriously I'm watching carefully to see if it holds above $37.50 for the weeks close...if so think the possible start of a base will form to the up side...
Onward and upward from here........$40 before you know it Seriously - the end of QE2 is fast approaching and helicopter Ben is already making cooing noises to the market about liquidity measures (probably by a racey new name).
It ain't going nowhere yet I say it stays at the support level of 36 unless something BIG happens. The sheep were killed off already for following their internet shepherds (who were the first off the boat), so forming a rally is not possible... for now. We're getting closer to GFC2, and only those who wanna pick left over entres before the party ends are still trading. GFC2 in 6 weeks or bust! (starting on Monday this will be 5 weeks... or bust! O_O)
I will be counting jnkmbx! Pffew - just made a serious rude spelling error there, lucky i checked before pressing send
considering nothing much has changed since 2008 except the world is a lot broker, i've been looking at the 08 crash lately.. notice it peaked, then dipped about 30% then consolidated for a few months sideways before the big crash. I can't help but get the feeling we're seeing a repeat of that now. If Ben keeps his helicopter on the launch pad at the end of QE2 for a few we'll see another collapse in equities. Then another 2 year price cycle begins resulting in a higher high. As soon as the price recovers to the previous high, as in 2006 and 2008 and 2010 it races up to a higher high then crashes again. It appears very cyclical.
Although I'm bearish on a big correction anything is possible...my question is where will you buy or be able to buy silver if there is a be down turn say under $20? notice it peaked, then dipped about 30% then consolidated for a few months sideways before the big crash. The only problem is you couldn't buy it Premiums were crazy (if you could fine it at all)
yeah absolutely, it took quite a while for physical to loosen up after the may correction and even now the premiums are crazy. Used to be about $1.30/oz on 1kg pamps and $2.50ish on 10oz bars. I just find it interesting that this pattern seems to be reoccurring. Any technical analysis cats out there please feel free to chime in, i'm just a look-at-the-squiggly-line kinda guy.
