I posted the below chart on the BML forum about 3 weeks ago. What it shows is that historically, silver has only traded above US$30 twice in its history. On both occasions it resulted in blow off tops between 3 to 5 months later. This time I think it will be different in regard to the price collapse that has occurred on the past two occasions. I think that $30 will be the new floor and not sub $5 and $15 which has occurred in the past.
So, going on historical evidence, should silver break above $30 you would expect a move to $50 within 5 months. Silver breaking above $30 may ignite the precious metals stocks bull market.
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Open | High | Low | Value | Volume |
21.5¢ | 22.5¢ | 21.0¢ | $32.20K | 152.3K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
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Price($) | Vol. | No. |
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23.5¢ | 4900 | 1 |
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No. | Vol. | Price($) |
---|---|---|
2 | 36363 | 0.220 |
1 | 14000 | 0.215 |
4 | 67854 | 0.210 |
3 | 65834 | 0.205 |
11 | 132594 | 0.200 |
Price($) | Vol. | No. |
---|---|---|
0.235 | 4900 | 1 |
0.240 | 29988 | 3 |
0.245 | 7856 | 1 |
0.250 | 31000 | 2 |
0.255 | 8750 | 1 |
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