Let Silver Breathe
Mar 12th, 2008 | By Charles Delvalle | Category: Gold MarketEven though I’ve been calling for higher silver prices, I have to admit that the latest run caught me off guard. It seemed like every day I looked at silver, the price just kept going higher and higher. But buying silver now – after the run-up – wouldn’t be the most prudent thing to do.
But you rarely see a 91-percent gain in six months without some kind of consolidation. In fact, back in November, silver moved down 12 percent and couldn’t pass its November high until January. That was a clear consolidation pattern. And I think we’re going to see more of the same in the months ahead.
So do yourself a favor. Don’t buy silver until you see it around $17-$18 an ounce (around its 50-day moving average). And then hold on for the long haul.
Charles Delvalle is a self-taught market-timing professional and value analyst who's followed and invested in the market for the past ten years. He uses a unique combination of technical and fundamental research to pinpoint rapid profit opportunities with stocks and options.
Charles is also a staunch contrarian and takes pride in finding undervalued sectors and discovering undervalued, cash-rich companies. He frequently mocks government stupidities and points out the "inaccuracies (or lies, take your pick) that government reporting frequently dispels as "truth".
