Silver Update
On Tuesday I bought silver based on my comments that silver appears to making a bottom.
Since then SLV(silver) has had a nice move up of about 3% in the past 2 days.
My upside objective for this trade if it continues to move higher will be a test of the year high which is at 146.00 made in February.
The red line you see in the above chart is a ratio line of SLV(silver) vs GLD(gold). Notice the sharp move up in the ratio line which means silver is becoming stronger than gold.
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![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/gold/t24_au_en_usoz_4.gif)
![[Most Recent Charts from www.kitco.com]](http://www.kitconet.com/charts/metals/silver/t24_ag_en_usoz_4.gif)
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6 comments:
Kevin,
thanks for the update on silver. You have observed that silver is becoming stronger than gold. Would I be correct from the latest charts that you posted in assuming that you feel that this is a strongly bullish signal for silver at this point?
Kevin once again thanks for the great posts. Would you not agree with the thinking that gold is heading for 640 - 630 and silver will follow along eventually , whereby offering potentially a better entry point ?
Thanks for your comments
Mike
i agree with your first chart of showing silver with support at the 200ma. i looked a bit further into it and saw that the previous 4 times that the w% dipped below the -80 then crossed back over the -50 mark a large rally would follow. We just saw that cross hard yesterday. Just another confirmation to your chart.
Kevin I bought 5000 oz silver contract on thurs based on what your charts showed made 1200.00 in two days thanks for teaching me and making me mula atthe same time.
Nice going Dave, thanks for reading..
Hi Throaway,
Yes, I am very bullish on the silver market.
Hi Mike,
No...I think both metals will rally but Silver is the one that should rally more in my opinion.
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