• 846 days Will The ECB Continue To Hike Rates?
  • 847 days Forbes: Aramco Remains Largest Company In The Middle East
  • 848 days Caltech Scientists Succesfully Beam Back Solar Power From Space
  • 1,248 days Could Crypto Overtake Traditional Investment?
  • 1,253 days Americans Still Quitting Jobs At Record Pace
  • 1,255 days FinTech Startups Tapping VC Money for ‘Immigrant Banking’
  • 1,258 days Is The Dollar Too Strong?
  • 1,258 days Big Tech Disappoints Investors on Earnings Calls
  • 1,259 days Fear And Celebration On Twitter as Musk Takes The Reins
  • 1,261 days China Is Quietly Trying To Distance Itself From Russia
  • 1,261 days Tech and Internet Giants’ Earnings In Focus After Netflix’s Stinker
  • 1,265 days Crypto Investors Won Big In 2021
  • 1,265 days The ‘Metaverse’ Economy Could be Worth $13 Trillion By 2030
  • 1,266 days Food Prices Are Skyrocketing As Putin’s War Persists
  • 1,268 days Pentagon Resignations Illustrate Our ‘Commercial’ Defense Dilemma
  • 1,269 days US Banks Shrug off Nearly $15 Billion In Russian Write-Offs
  • 1,272 days Cannabis Stocks in Holding Pattern Despite Positive Momentum
  • 1,273 days Is Musk A Bastion Of Free Speech Or Will His Absolutist Stance Backfire?
  • 1,273 days Two ETFs That Could Hedge Against Extreme Market Volatility
  • 1,275 days Are NFTs About To Take Over Gaming?
How The Ultra-Wealthy Are Using Art To Dodge Taxes

How The Ultra-Wealthy Are Using Art To Dodge Taxes

More freeports open around the…

Is The Bull Market On Its Last Legs?

Is The Bull Market On Its Last Legs?

This aging bull market may…

  1. Home
  2. Markets
  3. Other

Silver Market Update

Originally published October 17th, 2011.

Silver's 3-wave A-B-C correction is believed to be complete, with the savage A and C waves serving to both flush out and wipe out Large and Small Specs and transfer their assets to Big Money interests. Like gold its suspected bear Pennant of a week ago now looks more like a completing base pattern, and also like gold it has risen to arrive at an important resistance level which is centered on $33. On its year-to-date chart we can see how this pattern is evolving and how the weak volume on the creeping advance of the past week suggests that it is not yet ready to overcome this resistance and may back and fill further, with a good chance of it dropping back towards support in the $29 - $30 area. Last week we had thought it would drop back further but now this is considered less likely. However, any such short-term retreat will be viewed as an opportunity to add to positions, as overall the outlook is now very positive, both fundamentally and technically.

Silver 4-Month Chart

The COT charts for silver remain exceptionally bullish. After dropping to a record low, Commercial short positions rose just slightly last week on silver's creeping advance towards the resistance.

Silver COT

In conclusion silver looks set to break down short-term and drop as the dollar stages a recovery rally, but the expected drop should be nowhere near as severe as the September plunge, and it will provide a final opportunity to load up with silver and Precious Metal investments generally ahead of the major rally that the COTs are presaging.

 

Back to homepage

Leave a comment

Leave a comment