(The Battle for $21 Silver is over!)
Content by: James Turk and John Fisher, Chart by James Turk
The battle for $21 silver is over – it has breached its highest price in 30-years.
Those who were short silver are covering their losses. Those who are long silver have clear sailing ahead. Silver has risen from $4.03 early this decade to today’s close of $21.46. Those who have been short the market, especially the big commercial and financial interests, have not been successful over the long-term.
Now, market battles are fought day-to-day and even hour-to-hour. Plenty can happen in the short-term to cause one to take their eye off-the-ball, but don’t let it happen. Always focus on the long-term, and here the picture remains very bullish, as is clear from the following chart.
Technically, silver has completed a very significant accumulation pattern highlighted by the ‘head-and-shoulders’ pattern formed over three years. Silver has now broken out and looks ready to soar. At this point, we can all stop dwelling on $20 or $21 silver.
James Turk recently stated, “We need to start thinking about silver hurdling above $50. If it doesn’t happen in 2010, this important event, which is unimaginable to many, I expect will happen in 2011.”
So the important breakout that we have been waiting for for years has come to pass. Now that silver has hurdled $21, expect the momentum from new buying that will come into the market to take silver much higher in the months ahead.
Notwithstanding the tremendous price appreciation it has achieved this decade, the bull market in silver has hardly begun.
All Things Considered – John’s Commentary
Action to take: The silver bus has left the station. Grab your ticket and jump on. All the nail biting is over! Those waiting to pick up silver on a big dip below $20 have about a 10% chance. Silver has clear sailing all the way to $50. Don’t fight an uptrend, especially not in a bull market as strong as this one. You either have to get in, or stay out. Cause for hope: It is not too late!!
What to buy: I still have COMEX certified refinery 100 oz. .999% silver bars for 4.5% over spot and 90% silver coin at 4% over spot insured and delivered, minimum 200 ounces. Buy some silver if you don’t have any – buy some more if you have already bought – just buy some! For your sake, not mine.
Quote of the day: “Politicians can’t give us anything without depriving us of something else. Government is not a god. Every dime they spend must first be taken from someone else.” – Barry Asmus
