Silver is certainly getting a spotlight in the news lately.
A new world reserve currency has been shown, although this will be many years away, if at all. Some exellent links have been posted, right back to whether silver could become as valuable as gold.
I loved the article, and it sounds plausable that if silver will be drying up, then it could theoretically rise to the same value as what it would cost to resupply from recyclable silver.
I stuck my name on a significant stack of ounces of silver yesterday, in the lows 12.50s, and also a significant chunk of yellow over the last week at 911. I'm looking at this thing and the huge drop and am not 100% convinced the trend is turned.
Lets have a look
Looking at the daily we notice a massive drop, and silver oscilating in a negative trend channel (not shown, but it is staring right at you). Everytime the bottom Bollinger band is hit, it rallies before being slammed. Such weekly recovery is found on the 9th of June, 17th June, 25th June, 3rd July and comes 10 July.
1) MACD oscilator is the 2 indicator line is about to test crossing over. This has not happend over the last few attemtps to rally. Notrice the decreasing histogram. A long negative perios like this is often followed by good times. 2) RSI has been below 30 for a while, we nee this to head higer then 30. 3) Fast Stoch has indicated an oversold position, generally it is wise to confirm with the Slow Stoch. 4) Slow Stoch is the same as RSI, not definitive but a cross is being attempted. 5) CCI, below 30s now has crossed a good sign. 6) ADS is still a concern, it is heading towards a crossover, but I find this indicator too slow, so I don't rely on it much.
So this is shaping to be a break out case which is yet to be fully confirmed as yet. I have put my money on the line, as I think this should be the end of this downtrend, I would prefer to get in now and ride the train toot toot to $16, instead of having to catch it later at $14. If I am wrong and there is another one or 2 batches of this oscilating downtrend, then I will simply be wrong, and I did not get in at the optimum re entry price. But I am still going to $16.
I would really appreciate extra charts on this. When I look at the weekly chart, and add in recent news and current events, it looks like a bargain.
