Silver has been one of the most hit assets in the current bear market which started earlier in the year. Currently, Silver is down about 35% from the top, but at one point is was down as much as 48% after peaking at almost $50.
As recently as a month ago, the famous technical signal known as a "dead cross" occurred, where the 50 day moving average crossed below the 200 day moving average. This type of signal is used by some traders and investors as a negative sign of further price falls. The recent high was just shy of $36, while the recent low was at $26. We are now sitting at $31.50, which is just about smack in the middle. So tell us what you think of Silver by voting in the new Survey Poll and by leaving a comment.
Looking for a low next tuesday @ 1110 to 1115
ReplyDeleteper my "Market Map". Follow link
Happy Thanksgiving
http://screencast.com/t/aBDFlPVrV
Scotty
I think gold and silver will tank when Europe goes pop and takes the global banking system down with it.
ReplyDeleteIn 2008/09 gold and silver were taken out and I see no reason why they will not go down again.
Europe is almost certain to go into melt-down before Christmas. I have been tempted to go ZSL proshares silver short for a few weeks now.
Tiho:
ReplyDeleteA tease by you with this spread on silver.
Can you provide a hint with respect to the DSI for gold and silver in here before a response is provided?
Anonymous - you are quiet smart. It is a bit of a tease isn't it. I just want to see what everyone thinks of this asset class, before I write about it in coming week or two.
ReplyDeleteBob - I think a lot of people would agree with you on that one. I mean, there are so many cheap assets out there and the Treasury Bonds look so overbought. Having said that, if Europe really gets nasty, things will still get cheaper. I've been in cash for a long time now and I'm still waiting.
scottycj1 - care to explain how you came up with that cycle theory and why we should wait for a bottom on the 29th?
Anonymous-my wife might disagree with you about the smart business.
ReplyDeleteUS lows recorded in early Aug and then again in Oct. The market just does not seem to have the same downward force now-headlines and commentators are plenty bearish/spooky in the US media but not having the same impact price wise as Aug and Oct bottoms. Selling pressures drying up against this very negative background and another turn up in the very near future?
Tiho, dude, I just got back from China and what do I see in my mailbox? You asking whether silver is going up or down? Am I day dreaming? or is that a real question? You already know that it will go down, eventually, it will trade in the single digit price. Don't fight it, embrace it :-)
ReplyDeleteIt's a bit of a democratic vote here... you know. That way we can see what majority of the readers think. On the other hand, we never need you to vote hehe! Your opinion is clear cut:
ReplyDelete- Equities crashing by 80%
- Silver crashing to single digits
- Aussie Dollar back to 50 cents
- Commodities crash back to 08
- World end with no water and food
Did I miss out on anything haha? =)