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« Precious Metals vs. a One-World Currency | Main | An Interview with David Morgan of The Morgan Report »

Silver: Expect Further Weakness

Silver: Expect Further Weakness

Silver continues to face significant selling pressure, falling over 4% in today's trading. Technically silver does not look like it is due for a bounce back up anytime soon, since the technical indicators are not oversold.

In fact, looking at the chart above we can see that the Full STO for silver has just given a bearish crossover, signaling that prices are set to fall still further in the short term.

It looks as though we are going to see a good dollar or so more off the silver price before things begin to turn around. We are watching gold's movements closely, as silver will probably bottom around the same time as the yellow metal. Please see our recent article on gold for details of what we are looking to for signals of a bottom.

However in the longer run we are still bullish on both gold and silver, so we will take this opportunity to add to our positions when we feel the price is right.

Stay tuned..

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Reader Comments (2)

How much was this downturn based on additional short selling by JP Morgan? No sense looking at technicals when market rigging is in full swing. I'm sure that the trading desk at JP Morgan is fully aware of the "oversold" points when they drive the price down in order to get the chump money out of the market.

April 17, 2009 | Unregistered CommenterJEV

I totally agree. Well said JEV.

April 18, 2009 | Unregistered Commenterjerrold minyard

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