Hi Steini, Some technicals on silver. The Dow is bumping up against its 200dma. One reason to believe we'll be breaking through to the upside is the Euroland seems to have many fingers to plug the dike. Perhaps we made it through this patch until the next one comes along. We'll know by the end of the month, if we break to the upside that should bode well for Silver and Gold especially. Silver is starting to creep up but its well below its 200 and 50dma. The 50 will cross the 200 by the end of the week, this is affectionately known as the death cross but it also happens in strong bull markets. That does not mean that silver will fall because it is nearly $4.00 below the 200dma. So we could move up 4.00. Its what happens after we cross the 200dma that matters the most. We are not out of hot water yet.
On this last collapse, Silver held $30.00 pretty well, so if we can hold this position $30.00 is the new floor. As I've always said there is a shakeout before the breakout and there is no doubt many people were killed and shaken out on this last collapse. I'm still very bullish on Silver, I know these markets seem scary but thats how they work. A few years ago Apple Computer went from $200.00 a share down under $100.00 share and is now trading at $400.00 a share. I remember reading the message boards back then and they were filled with people who thought Apple was going back to $10.00 a share. We need to think ahead instead of the now. Good luck to us all. Cheers, Al.
AYN Price at posting:
5.6¢ Sentiment: Hold Disclosure: Held
