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« First Majestic Silver Corp Up 41% since recommendation on the 09 Feb 2011 | Main | The Accumulator Trade 2 Update 19 March 2011 »

Silver Prices start the week in fine form

silver chart 21 March 2011.JPG

Here in the southern hemisphere we are off and running with the Australian and Asian markets ticking along at more than a canter. Gold prices are up $8.20 to $1427.90 and silver prices are up $0.62 at $35.90. So, its a great start and if we can keep some momentum going on the London Stock Exchange then the shorts will be in for a torrid time as New York hits the opening bell.

However, yip, there is always a 'BUT' - London is notorious for losing its bottle as the New York open draws near and in our experience does tend to move closer to the last traded price on the NYSE rather than be a pace setter itself.

Still, this opening is better then a lower opening to the week and signals to the market that there are still keen buyers out there who want to own silver at these price levels

No surprise to you guys, eh!

The competition to win 20 ozs of silver is also being well supported with 240 entries as we write, many thanks for taking the time to join in the fun, its very much appreciated here. If you have yet to enter then get your skates on as it closes soon – break a leg and all that!

EXK Silver Coins 15 March 2011.JPG

Many thanks to those of you who have recently signed up for our options trading service, its very much appreciated, a gentle reminder for those of you who are still thinking about it, the new pricing structure will apply as of 2nd April 2011.

Our model portfolio is up 138.05% since inception, Average return of 41.27% per trade, 67 closed trades, 65 closed at a profit or a 97% success rate. Average trade open for 43.21 days.

SK model portfolio 14 March 2011.JPG

The above progress chart is being updated constantly. However, to see exactly how it is going, please click this link.

So, the question is: Are you going to make the decision to join us today, before we decide to cap membership.

Stay on your toes and have a good one.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

To stay updated on our market commentary, which gold stocks we are buying and why, please subscribe to The Gold Prices Newsletter, completely FREE of charge. Simply click here and enter your email address. (Winners of the GoldDrivers Stock Picking Competition 2007)

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Reader Comments (9)

Endeavor Silver contest - 1.07

March 21, 2011 | Unregistered CommenterJohn Davidson

It doesn't matter they are up at the beginning of the week. It has already showed the trend reversal. I am short and strong.
Good luck!

March 21, 2011 | Unregistered CommenterDi

These clear "trend reversals" don't seem to be very lasting, do they, whether they be in stocks or the metals?

March 21, 2011 | Unregistered


Take care here as silver is up $0.76 at $36.04, at noon in NYC. As we understand it, supply is still tight and the buyers have yet to be put off by higher and higher prices.

March 21, 2011 | Unregistered CommenterSilver Prices

There's no "trend reversal" in physical spot price. Nothing but incredible strength in the physical markets, months running. Premiums on ebay silver sales are as high as ever, and that includes those seen in fall all I can say is short silver at your own peril. But do what you got to do, it's your choice Di...herpetologist Snakeman

March 21, 2011 | Unregistered Commentersnakeman

If I might ask, respectfully, who exactly should be taking care? I always take care...often too much care. The shorts? Yeah, the shorts could get the ride of their lives. Could be a downright religious experience.

Uh, yeah, supply is tight. Hello. There's a newsflash for ya.

And if I might reiterate a point that is very important and that most people miss.

Just because a price is "high" relative to where its been means nothing. Looking at where a price has been to determine where it "should be" is an amateur's mistake.

At the root of what I'll call the "fair price fallacy" is Thomas Acquinas's (and Aristotle's) notion that an objectively determined fair price exists for everything.

That's nonsense, of course, but vestiges of that thinking persist. It shows up in things like what we think a ballplayer is worth or in our allegations of price gouging when people charge more for a commodity that's suddenly in short supply. But where it really affects us is in the idea that historical prices tell us anything meaningful about what a "fair" price for silver should be. So many people make this mistake and sell, "because it's u so much."

lus, you hear it everyday from the pitchmen that want to buy your scrap.

"With gold at record prices, there's never been a better time to sell your unwanted gold." Yeah, right. I don't know about you, but I like things that are going up in price.

So what if it's higher than it's been for 3 decades? That doesn't preclude it from going 3 or 6 or 20 times higher.

The RATE of increase is a different story. When a trend accelerates and the rate of increase in price gets above a certain level, that can can matter a lot to your trading success. That's why the lads follow the RSI and the MACD so closely and one of the reasons they do so well with the timing of their moves on their option trades, which must be timed well.

May higher and higher beget higher and higher.

March 21, 2011 | Unregistered

when the shorts are down and most exposed, the silver viper will strike.

March 21, 2011 | Unregistered Commenterquincer

Amen to Quincer! Snakeman

March 21, 2011 | Unregistered Commentersnakeman

Whats it got to do with Italian scooters?

...... well maybe that was a Vespa eh!

March 22, 2011 | Unregistered CommenterSilver Prices

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