I dont think so tbh. The $28-30 range is pretty solid. The weakies will be out by $31 imo. If it goes below that, then really it woyld be way way way oversold and represent a huge all in chance. Dont like the chances of buying without premiums or availability at that point but there you go. But I think $31.50-32 is much more likely as the bottom.
I think $32.50 should be where support is. But if it goes under it will go to 30. And if that goes all bets are off.
And back up again. USD34.22 AUD31.96 Are people still looking at $26 any time soon, is the worry now that the train leaving.
If it can get through 35 then i'll start to believe, for me, it's in that zone where I just sit and wait. Not going to crash into the mid 20s without some kind of significant news though.
The problem is that many chart observers were predicting further falls but they fail in one main assumption. The price of silver is not driven by chart movements. What boosted silver out of the late 20s was the US Central Bank announcement that the ZIRP was here to stay. In addition, in December, the regular mob of bullish pundits (think King World News) were predicting that: 1) The Fed would allude to QE3 in January 2) QE3 announced in March If we take the first prediction as coming true (and it probably wasn't that hard to make it), then we may well have a QE related announcement in March. If that happens, kiss the 20s goodbye for a long time, because we'll be looking at 40 again. But having said that, I'm not convinced we're going to the moon. there are two things that will take us back down below 30: 1) An organised takeout 2) The stock market collapsing like in 2008 Both are possible and I consider option 2 a very likely possibility this year, given how unstable the world really is financially.
Nice succinct summary Earthjade (very "down to earth" haha) ... I agree, or at least concur with this viewpoint. Makes silver a tricky commodity to trade, but still valuable for the long term investment (which is my reason for ownership ... and as a hedge against mayhem) Thank you.
