Trying To Bottom
A nice recovery overnight has improved the look of the charts but I’m not getting excited just yet.
First of all, take a look at this silver chart. Note that, absent the panic selling of the 8:00 hour EDT yesterday, the $34 support level that we identified last week has held extremely well. Also note the strength of the rebound post-8:00. Silver rallied over $1.00 in the next two hours! All of this should be very encouraging to those of you who bought the dip.
I would be buying right now if it weren’t for one small problem…the gold chart.
The damage in gold yesterday was significant. During the panic, it finally broke through our designated support level of 1405 and traded all the way down to 1380. Note that the rebound carried it back to but not through 1405. Even the high so far today has been 1405.70 and we are now back to 1398. So, I may be wrong and I may miss some of the opportunity in silver but I have to refrain from buying here…at least not yet. Once gold trades back above 1405, stays there for a while and then begins to move north of $1410, then I will be buying. Until then, with gold under 1405, silver is going to have a hard time getting traction, anyway.
Lastly, Patrick Heller released today this terrific summary of your options for exposure to precious metals. I would encourage you to do two things:
1) Bookmark it for future reference.
2) Print it for distribution to friends/colleagues who have questions about the PMs.
http://news.coinupdate.com/options-for-investing-in-gold-and-silver-0725/
Have a great day! TF
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