Friday, February 18, 2011

Silver breakout

Silver broke through resistance around $31 yesterday and kept right on going today, almost hitting $33 before pulling back to $32.42. This represents a 7.5% gain in one week. Silver miners are doing even better, particularly some of the junior stocks: Canadian Zinc is up 27.7% and U. S. Silver is up 22.1%.

Where it goes from here is anyone's guess, but now that it's broken through, it's going to have to find a new high. Some of the silver bulls are predicting $35, $45, $50, or even $75 silver by the end of the year. They've been wrong before. On the other hand, they've been right before. I fondly recall buying silver at around $4 just ten years ago with PFD money. In another decade, will we fondly reminisce about the "good old days" when we could buy it for a paltry $35?

Charts from

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