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« The London Silver Investment Summit | Main | Pan American Silver Corporation: Up 4.41% in one day! »
Friday
Nov022007

Silver: On the move!

In no time at all silver prices moved from $13.50 to $14.50 it what has been an exciting week so far. So just where does silver go from here?


Silver Chart 02nov07


Taking a quick look at the chart we can see two things that really standout. The first is the moving averages, which show the 50mda heading north and set to cross the 200dma in what is sometimes referred to as the golden cross. This is usually seen as very positive for chartists as it indicates further upward movement for the asset. On the other hand the technical indicators are still on the high side, which suggest that silver may just take a breather for now.

However we are in bull market for precious metals with the US Dollar falling out of bed, gold taking a pop at $800/oz and oil heading for $100/barrel.

We are not buyers at these levels and we may well live to regret it. When everything and everyone points one way it makes us nervous so for now we will observe the action and continue to research possible silver stocks for our investment portfolio.

Next week sees the silver summit in London, which we will be attending in the hope that we can uncover a gem and if we do we will post our findings here for your perusal.

Have a good one.

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Reader Comments (2)

Hi ho Silver! :)

It's always good to stick to your trading guns and if that means to be out of the market, so be it. You've done excellent so far on those 30-50% gains from your previous posts so it's definitely working.

As for me, I'm all in as I'm still working on developing my patience and gaining control of my emotions. I'll be long for now in this bull market.

On a side note, how do you feel the COT will play out? Could the shorts be the trigger that keeps Au/Ag in the overbought territory?

November 3, 2007 | Unregistered CommenterPhong

Buying physical silver will help keep silver in a bull market; paper silver creates a bear market which will eventually cause a bull market by false supply reporting, either way physical silver holders will profit greatly in the end

November 18, 2007 | Unregistered Commentersilverbullsaway

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