In 2010, Silver was up about 75%, 2011 year to date Silver is currently down -1.9%. (Gold is up around 17.5% ytd)
When looking at the following chart without knowing what symbol it is, most technicians would tell you that it is in a downtrend as the price is trading below all moving averages. (20, 50, 100, 200). It is also producing lower highs since late April early May of this year.
The $29 level looks like it has some support, but when large sellers start unloading their positions, lower prices may be in the future (?) Does the chart above look bullish to you? It looks like it may be ready to drop another 5 bucks... (Check the double short Silver ZSL for any unusually high volume which may be an indicator that the crooks at the CME, CFTC and bullion banks are loading up before they sell off their futures contracts).
Here is a weekly chart of Silver (log scale) going back to 2003 with upper and lower trend lines indicating the long term trend:
Silver broke below the lower trend line in 2008 and it took close to 2 full years to break back above it. Silver now has pierced the trend line again with the latest sell-off and sideways action. What does this mean? Short to mid term downtrend / bearish, long term bullish.
Even if there is a shortage in the physical market, the crooks can still manipulate the spot price down as they can throw hundreds of million of digital fiat 'money' to knock the price down. (Counterfeited by the Federal Reserve, approved by the U.S. Government). This will come to an end once the Comex runs out of physical metal.
On a lighter note, Happy Holidays to all!
When looking at the following chart without knowing what symbol it is, most technicians would tell you that it is in a downtrend as the price is trading below all moving averages. (20, 50, 100, 200). It is also producing lower highs since late April early May of this year.
Here is a weekly chart of Silver (log scale) going back to 2003 with upper and lower trend lines indicating the long term trend:
Silver broke below the lower trend line in 2008 and it took close to 2 full years to break back above it. Silver now has pierced the trend line again with the latest sell-off and sideways action. What does this mean? Short to mid term downtrend / bearish, long term bullish.
Even if there is a shortage in the physical market, the crooks can still manipulate the spot price down as they can throw hundreds of million of digital fiat 'money' to knock the price down. (Counterfeited by the Federal Reserve, approved by the U.S. Government). This will come to an end once the Comex runs out of physical metal.
On a lighter note, Happy Holidays to all!
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