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« Endeavour Sets New Silver Production Record! | Main | Endeavour Silver Corp: Strengthens Management Team »

Silver: Forging Ahead.

Silver Chart 15oct07
Despite the appearance of a double top on the chart silver is forging ahead with the spot price trading at $13.94, up about $0.19 since Fridays close, as we write.

Our observations of silvers big brother, Gold, has suggested that there might be a sell off in the gold sector, which if it does happen would probably have a knock on effect on silver prices. However at this point in time gold is also doing very well and is currently trading at $757.40. From a chartist standpoint silver did not go up as far or fast as gold in this current rally and as such is not as over bought, as gold appears to be. Hence we took some profits from our gold holdings but held on to our silver stocks. We still anticipate a short correction in gold, which we believe will be the last opportunity to invest in gold and silver stocks before a massive rally, which is bubbling away under the surface.

So we will try and pin point the next entry level, which we expect to appear shortly. However we will not be selling any silver stocks just holding on to what we have and hopefully adding a few more to our silver investment account.

I have a bit of a sore throat today, as the French Rugby Team was harder to beat than we imagined. Many thanks to the French Rugby Team and their supporters for providing us all with an excellent semi final in the Rugby World Cup.

Have a good one.

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Reader Comments (2)

Yeah, that was nice at 10:00 AM, but what sucked it down to close at 13.74?

October 15, 2007 | Unregistered Commenterloaddown

I think we have strong support at $13.50 and I also expect that once we do pass $14, it will be pretty explosive.

I believe there's a lot of shorts that will burn if Silver rises too fast so it's in their best interest to keep piling on the shorts which drags prices down... temporarily.

The real question might want to be "Where do I see Silver 6 months from now and how should I invest with that?"

2 cents.

October 16, 2007 | Unregistered CommenterPhong

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