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« Silver Standard Resources Incorporated: Bottomed Yet? | Main | Endeavour Silver Corporation Takes Off »
Thursday
Feb042010

Silver Takes a Hit

Silver Chart 05 Feb 2010.JPG

Taking a quick look at the chart we can see that Silver prices took it on the chin today dropping $1.11 or 6.78%. The RSI has dropped below the '30' level suggesting that silver is oversold and this is a level that we have not seen for over a year.

What to do now? We humbly suggest that you hold tight to your core position and take a good look at some of your favourite silver producers, select a few and buy them.

Its an old cliché to 'Buy on Dips' but its a good one and this is a dip, go gently and bag a few of them for your core holdings. Silver may still go further down so save some cash to enable you to buy a few more stocks a little later, if silver prices to do go lower.

Things will improve even though it looks bleak at the moment.

Got a comment then please add it to this article, all opinions are welcome and appreciated.

All the best.

Got a comment then please add it to this article, all opinions are welcome and appreciated.

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Reader Comments (2)

silver is going to 2.50 long term, but people will figure it out too late. i am going to add another shorts at 15.50 - 15.60 next week, target 12.80/13.00

February 5, 2010 | Unregistered CommenterDi

Every site needs a silver bear and Di you have got the job, do go gently as we are thinking closer to $20.00/oz before too long.

February 5, 2010 | Unregistered CommenterSilver Prices

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