Back in the game

[jim4silver]

Decided to get some more silver today. Grabbed some nice older style Engelhard 10 ouncers for 50 cents over spot. Used my old CRHing stash to buy them in that I will no longer waste time chasing the occasional 40% half that I would find. I officially retired from CRHing a while back, but still got an occasional box or two now and then.

Looking at the silver chart it seems we are at an interesting point. It looks like we are near the completion of an inverse head and shoulders pattern. If that is true, it is a bullish sign. We should see soon if the inverse head and shoulders is real or if prices break below it. If we get below 30 for any extended period I would say that's a no go on the chart for the inverse h and s. 30 would be OK in that the first shoulder bottoms in that zone, so if the pattern were to be completely symmetrical, we would need to get to 30 or so again.

What is also interesting is that it appears the dollar chart is about to finish forming a standard head and shoulders pattern (normally bearish). This on the chart will appear in shape to be the complete opposite of the inverse pattern showing now in silver, although the time range of the patterns is a bit different. The inverse h and s in silver has been forming since before October last year, and the dollar h and s starts around February of this year.

We will have to wait and see how it all unfolds.

Jim

 

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[Marchas45]

Nice buy on the Silver Jim but the rest of your post.

 

[jim4silver]

Charlie,

The inverse head and shoulders is a chart formation that resembles the shoulders and head of a person, say being held upside down by their feet. You have the outline of a shoulder pointing downward, followed by the outline of a head that will be further down on the chart (lower prices than the shoulder), then followed by the outline of the other shoulder that will have a higher bottom than the head, and usually is pretty even with the first shoulder outline.

Here is a link that explains what a head and shoulders and inverse head and shoulders look like. This site also explains some other common chart formations.

Analyzing Chart Patterns: Head And Shoulders | Investopedia

Jim

 

[FreedomUIC]

Just picked up a 5 oz donkey bar and a roll of Mercs. The donkey bar was .60 over spot and the dimes were .25 over spot. Didn't understand their pricing but I took it and ran.

 

[Marchas45]

Good for you Freedom I just bought 4 rolls of Standing liberty Quarters with worn dates for 20% under melt last Friday. What the heck I'm only after the silver content not the numanistic value.

 

[jim4silver]

Locally I can get junk silver for about 5 to 10% under spot right now, but I prefer .999 bullion, especially if I can get it for 50 to 60 cents per ounce over spot. I have not bought any junk silver for a long time, but if you can get a good deal on it I say way to go.

PS Although I have nothing to back this up other than my gut feeling, I still say we will see silver hit well over $50 this year some time. If/when that happens, I cannot wait to see the recent bear online pundits suddenly become bulls again and say how great silver is.

Jim

 

[Marchas45]

I agree with your assessment Jim on silver hitting $50.00 and above. To much crap happening in the world right now and the paper silver market is getting ready to collapse which will be a good thing for physical silver. Some people are talking about the stock market failing this year also but like you and I know Jim, the Derivatives Market that's the one to watch. Keep stacking, Charlie