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Silver Prices Sparkle Once Again

Commodities / Gold and Silver 2010 Nov 09, 2010 - 04:46 AM GMT

By: Bob_Kirtley

Commodities

Silver prices are just sparkling as this chart clearly shows with todays advance adding $1.02 for a gain of 3.82% - so put on a big smile on your face and walk around your place of toil and add a little cheer to everyones day, share your success with them, add to the feel good factor, it just might give them a lift too.


Well, the technical indicators are once again slap up against the ceiling suggesting a breather could be on the cards. The RSI is standing at 81.10 and under normal circumstances we would be looking to exit as this chart is suggesting. However, if you study the chart, you can go back to early September and see that the RSI was suggesting an overbought situation then and at that time silver prices were around the $20.00/oz level. So here we are at $27.74/oz, the point being is that the fundamentals are overriding the technical indicators, at least for the time being. This is something that by our actions and our words we said would happen. We are on course for $30.00/oz silver and we expect it to get there fairly soon as the economic climate has not suddenly improved and the actions of our political masters continues down the road of currency destruction, which is a boost for all hard assets.

Masters of the universe they are not, so hang on to your core holdings, things are going your way and you need to let the winners run. Also try and relax,the best decisions are usually made by those with a cool head.

Got a comment then please add it to this article, all opinions are welcome and very much appreciated by both our readership and the team here.

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DISCLAIMER : Gold Prices makes no guarantee or warranty on the accuracy or completeness of the data provided on this site. Nothing contained herein is intended or shall be deemed to be investment advice, implied or otherwise. This website represents our views and nothing more than that. Always consult your registered advisor to assist you with your investments. We accept no liability for any loss arising from the use of the data contained on this website. We may or may not hold a position in these securities at any given time and reserve the right to buy and sell as we think fit.
Bob Kirtley Archive

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