India Will Dominate the Silver Market in 2013. With silver falling by 26% so far this calendar year, even factoring in the recent surge, you’d be excused for presuming there were negative fundamentals developing in the market for the white metal.
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Last week we took a look at potential bullish outcome for gold via an apparent developing ‘head-and-shoulders’ formation. This week, I am taking a brief look at silver which is experiencing terrible indigestion against what is now a 29 month downtrend going back to the May, 2011 high near $50. That downtrend line (shown below at the $25.00 level) will need to be decisively penetrated while simultaneously crossing above the 50 week moving average (blue line) and th 200 week moving average (green line).
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“Silver has suffered a miserable year so far, bludgeoned by gold’s unprecedented selling anomaly. The exceptional weakness in both metals was greatly exacerbated by futures speculators piling on short-side bets. But with silver shorts hitting record extremes, a super-bullish short squeeze now looms.Any rapid silver rally is likely to spook the highly-leveraged futures traders, sparking a massive stampede to cover.”
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In the U.S. institutional investors, in 2013, have sold off over 1,000 tonnes of gold holdings from the SPDR gold ETF, the investment banks, from the Gold Trust and from COMEX because they have switched from gold to equities in the U.S.
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Greg does not believe we have seen the end of the Commodity Supercycle, but merely a large correction, which he believes is finished.
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The general case for holding silver continues to improve as the MF Global and HSBC scandals confirm the absence of any rule of law or justice in the global financial system. The Peregrine Financial fiasco only serves to verify this somewhat jaded viewpoint.
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In volatile financial markets what has gone down like a stone can rebound like a rocket. Gold and silver investors should not forget that this summer after the recent price rout.
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Photographic demand for silver has fallen 70 percent from its peak. What could possibly fill that gap?
Back in the good old days, a physical silver trader’s dream would be to land a photographic company as a customer.
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1. The saying, “Close, but no cigar!” could probably be used now, to describe gold & silver investors trying to call a turn in the market.
2. Bank analysts are more bearish. UBS technical strategist Richard Adcock says,“The next leg of the bear trend is to be seen down to the long-term 50 percent retracement point at $1,303, which we would set as our objective.”
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“if someone has the guts to get in the market now”……”Silver To Soar A Stunning 400% & Gold $1,500 In 10 Months
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