What about SILVER ? is the bottom in yet ? Silver is a very interesting case to look at and it is one that people rarely pay attention to as mainstream financial media is typically focused on its rich cousin i.e. GOLD. It has been basically four long years since silver price peaked out at roughly $50 an ounce back in April 2011 and it has been steadily falling in a brutal downtrend ever since. However, there are some fresh technical signs of possible price stabilization as of late especially with gold now in full recovery mode and trying to pull silver up along with it (silver has historically traded in sympathy with gold as both are being looked at as inflation hedges). On the other hand, however, weak global industrial demand continues to be a negative factor weighing down on silver prices. Where to from here? Although Silver has to break above $21.50 an ounce ( Price now is $ 16.80 ) or so for its bear market to be declared over, an early sign of price recovery would be to trade above $17.50 which would not go unnoticed on experienced traders screens as this would break the long-term downtrend line and attract early speculators. Lets keep a close eye on this puppy and see if it wants to creep higher in the coming weeks and months.
Posted on: Wed, 14 Jan 2015 06:37:32 +0000
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