Silver hits $26 overnight - have we seen the end of the dip?

Well people have been talking about buying at the magical $26 for months now and with Silver hitting the magical $26 (Lowest was $26.7464 or there abouts - Netdania) at 01:35 this morning and seeing a soft rally up this morning, it begs the question have we hit a bottom?

 

That's the million dollar question...... or should I say the $26 question. I think it will stay around this level for awhile. I think traders are wanting to see a strong bottom before buying. For me a good sign would be commodities and stock markets getting weaker as Gold and Silver stayed where they are.

Im still deciding whether to wait a while or go back in now.. hmmm..

 

I always had a magical $300 for 10oz mark in my head, which oz is offering (+post).


However I thought it would take longer to get down to this $26-$27 mark, the sharp fall is leaving me a bit hesitant for the time being.

 

same sorta ($1k 1kg dragon )

 

We are at that point now. Make or Break.........

 

Yeah i rate this is the bottom, i pulled the trigger last night.. happy to get more if its not though..

1for1

 

just on perth mints web site now. We can all load up on KOALA PRIVY coins now!!!


WOHOOOOOOOOOO!!!

 

if that graph stays true to form then its up from here lets see what happens?

 

Stochastic Momentum is still falling on daily, weekly and monthly. If it was rounding and turning up then I would believe that this is the bottom. It is still in sharp decline so me thinks we are in for a dive.

 

I'm not convinced this is the bottom.

I'd like to buy, but I'd rather cash up at moment and wait.

 

I think the market will continue to push pm prices lower until there is a clearer understanding of the Greek effect.
I think investors will continue to seek the perceived safety of $US. This increases the $US stength and results on downward pessure on pm prices as they become more expensive to all other currency holders. It's all very ironic recognising the US debt situation.... If only currencies were traded on gold values as opposed to gold being traded on currency values...


Mr.G

 

With no rational backing for this supposition whatsoever, I feel we are headed to 23 or slightly lower.
Recovery will depend on the announcement of a QE.

 

I also doubt that it is the bottom at $26.

Wouldnt be surprised if it goes to $18 by the end of the year and it will sooner hit $18 than $34.

 

ASX down .50% ... Silver up over 2% this morning .... This sort of thing needs to happen for awhile for a solid bottom to form ... time will tell

 

Agreed. Double support lines are usually make or break. Here is a more pessimistic possibility:

 

Hmmm interesting. Can I ask what your basing that on? I'd definitely like to go through that info myself; could well have a major impact on some of my buying strategies.

 

well i sort of think just buy in when you can waiting for bottoms can be a dangerous game if you miss it then what ?

 

yup upside and downside potential, don't think many people on this board would call you stupid for going in at this point

 

That's EXACTLY how I saw the graphs.

We're in downward trend.

 

Ill take Jim Roger's advice and go contrarion ... the opinion here seems to be going lower hence me jumping in.. we cant all be right... and usually the masses are wrong.. i like the logic of this over charts and long term fundamentals..

think what the money masters would do if everyone thought it still had some downwards price movement to go.. they would go long hard and slam all the shorters.. thats my logic anyway from the way i see silver traded in the short term.

1for1