Need a close above $35 in silver

[jim4silver]

Hopefully we are nearing the point where we can close over $35. If that happens we will be breaking out of a falling wedge pattern which based on silver's chart would be most likely bullish and signal further advances. I am not a big chart pattern follower, but there are some patterns that when they appear are correlated with certain movements. Maybe we will see a good run up soon.

Jim

 

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[Marchas45]

Hopefully we are nearing the point where we can close over $35. If that happens we will be breaking out of a falling wedge pattern which based on silver's chart would be most likely bullish and signal further advances. I am not a big chart pattern follower, but there are some patterns that when they appear are correlated with certain movements. Maybe we will see a good run up soon.

Jim

Bloody Well hope so, getting tired of seeing the same spot prices.

 

[jim4silver]

Hopefully we are nearing the point where we can close over $35. If that happens we will be breaking out of a falling wedge pattern which based on silver's chart would be most likely bullish and signal further advances. I am not a big chart pattern follower, but there are some patterns that when they appear are correlated with certain movements. Maybe we will see a good run up soon.

Jim

Bloody Well hope so, getting tired of seeing the same spot prices.

As much as I would like to see silver run to $100, a part of me doesn't mind the prices lower because I am not buying anymore once it breaks $35. I still want to add more to the stash. Once silver breaks past $35 I will probably buy some more gold. Right now the premiums on old US gold are falling quite a bit. The dealer bids are actually below melt on VF old US $20 Liberties right now by almost $30.

This means I can probably get them from my coin dealer at $20 or so over melt. Not bad for almost an ounce of gold and a cool old coin.

Jim

 

[mts]

Hopefully we are nearing the point where we can close over $35. If that happens we will be breaking out of a falling wedge pattern which based on silver's chart would be most likely bullish and signal further advances. I am not a big chart pattern follower, but there are some patterns that when they appear are correlated with certain movements. Maybe we will see a good run up soon.

Jim

Bloody Well hope so, getting tired of seeing the same spot prices.

As much as I would like to see silver run to $100, a part of me doesn't mind the prices lower because I am not buying anymore once it breaks $35. I still want to add more to the stash. Once silver breaks past $35 I will probably buy some more gold. Right now the premiums on old US gold are falling quite a bit. The dealer bids are actually below melt on VF old US $20 Liberties right now by almost $30.

This means I can probably get them from my coin dealer at $20 or so over melt. Not bad for almost an ounce of gold and a cool old coin.

Jim

I'm with you. I'd love to see silver prices go way down so that I can stock up but I don't think it is going to happen. As you somewhat predicted last week with the lowering of margin requirements, silver looks to go up over $35.

As for those old gold coins, I have a sweet spot for those but have never purchased any due to the outrageous premiums. If the premiums continue to come down I may be looking to get a few for my collection. I bought some gold sovereigns about a month ago and have gotten the itch to get some old pieces of American history to go along with them.

 

[Marchas45]

Looks like you may get your wish today Jim.

 

[jim4silver]

Looks like you may get your wish today Jim.

I hope it sticks. The day is still early. I need to find a good chart to see if we have broken out of the wedge pattern at this level now. I was talking to one of my local coin dealers who has been pretty accurate on his calls in the past, he thinks we are running to 40 real soon. I was thinking about selling some silver to buy some old US gold since the premiums are so low right now on graded double eagles. He advised to wait for now and I am taking his advice. I am done buying silver as long as we stay above 35. Better to save some cash in case we dip down again on a correction.

My short term calls have been off lately so I don't have a clue, but I think if we get to 40 it will make another run at 50. That is going to be the BIG resistance level. If we break 50 though, it will be off to the races.

Jim

 

[Marchas45]

Looks like you may get your wish today Jim.

It also may close today for the weekend at over $36.00

 

[mts]

Looks like Jim called this one right on the money.

 

[jim4silver]

Tomorrow should have some interesting news to add to the PM markets in that there is an European Central Bank LTRO auction, I am not exactly certain of the mechanics of that but from what I have read it is sort of like what QE is here. More $$$$ being injected into the "system". What will be watched is how much they "inject" more is probably better for PMs since it will in theory help the Euro debt situation and could be inflationary longer term.

Here we have the fed chairman giving his semi annual monetary policy report to Congress. He could mention more QE here but probably won't be specific about any amounts, etc, from what the pundits are predicting.

Either way, could cause the PM rise to continue or cause a correction real quick. Will have to wait and see.

My guess is PMs will rise some more if not tomorrow then later in the week. I think we will see some resistance at the 40 level though.

All just my opinion of course.

Jim

 

[jim4silver]

Tomorrow should have some interesting news .... we have the fed chairman giving his semi annual monetary policy report to Congress. He could mention more QE here but probably won't be specific about any amounts, etc, from what the pundits are predicting.
Jim

I guess the PM markets didn't like what they heard from Bernanke. While he was giving his address all the PM markets took a big dump.

Looks like it might be time to visit the coin store this afternoon.

Jim

 

[mts]

Gold and copper took a dive too.