DISCOVERY BOARD ~ PRECIOUS METALS ENERGY URANIUM OIL Message Board

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Gold/Mining/Energy : DISCOVERY BOARD ~ PRECIOUS METALS ENERGY URANIUM OIL

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To: PaperPerson who wrote (4541)	1/24/2012 10:21:31 PM
From: PaperPerson	of 4690

Interesting observation on Precious metal Stock Review re silver, kodak and sprott Direct Link: preciousmetalstockreview.com "Silver Surge" Jan. 21 2012 While golds reverse head and shoulder pattern of last week morphed into an uptrend channel, silver remained in that nice reverse head and shoulders pattern until Friday when it broke out higher as the downtrend line was approaching that level. It was obviously a powerful pattern, as they usually are, as silver rose 4.72% Friday alone and for the week was up a sweet 7.68%. I mentioned last week that silver was well below it’s 200 day moving average while gold remained above it and the implications I deemed from this were that perhaps silver would lead gold on this next up-move as it has some catching up to do. So far, so good and the 100 day average is the next stop around the $33 level. Then $34 where resistance lies on the chart then the $36 area to the 200 day average. I did not take a trading position in silver Friday as I was more focused on booking some great profits from the week as the markets were very kind to us in regards to our swing trading portfolio. Perhaps next week I will get that chance. In fact our swing trading portfolio was up right about 70% this past week after booking profits which is our best week this year and actually for several months as the markets haven’t been great for trading. The SLV ETF volume was heavy on the breakout Friday which is exactly what we needed to see and now we need a follow though day on Monday with good volume. This move looks like it is for real. The reasons why are both technical and fundamental. Eric Sprott just announced an offering for his silver trust to the tune of $300 million US dollars. This will equate to roughly 10 million ounces of physical silver having to be found and delivered. This news alone should propel silver higher. The fact that a bullish chart pattern was formed and then resolved properly, higher, is even better. Normally this would be stellar news that would have me in a trading position in silver but with the bankruptcy of Kodak (it’s no Kodak moment) they disclosed they have about $300 million worth of physical silver. The timing couldn’t have been better and this silver may well fill Eric’s pockets without disrupting the market.

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