$20 silver is coming!!!

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mmerlinn

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I just looked at some charts. Silver was down $1.81 last Friday, penetrating the $26 level. At that time it looked like we might see a rebound this week.

Well, FORGET about the $32 I thought we might rebound to. Silver as I write this is down ANOTHER 6.73% ($1.77 per oz, $24.55) and that is off of its low of $24.47!!!

Look out $20!!! We are coming to get you!!!

Bottom line is that now that we have DECISIVELY broken $26, we will not see $32 silver for MONTHS, possibly not until at least next year. Look for silver to bounce between $20 and $26 for the rest of the year.

This looks like stacker's heaven to me.

:flushed:


This also could be a harbinger for the economy as a whole. I have said for years that 2013 would probably be a repeat of 2008. Now it looks like a done deal.

My business has sucked big time for months. Usually January is the best month of the year for me. Not so this year. January was horrible. February and March were slightly better. January is usually the bellweather month for me (I can extrapolate the remainder of the year from January numbers). In February I started projecting for the year, and it looked HORRIBLE.

Today, with this silver dump, I have positive confirmation of my projections for the rest of the year. I strongly suspect that the two metals that are basic to my business health, Aluminum and Steel, will follow silver down. It looks like to me that if I can survive through the end of the year, I will be a very lonely dude with NO significant competition for months or years. And NO significant cash flow either. It is gonna get tough, not just for me, but for everyone.

:flushed:
 
20 is certainly in the cards. 23 might be the short term target. Then a mini rebound followed by another crash. 21 also offers a little support.
 
well, looks like some more patience is in order, now the wheels are turning.... thank you guys for your insights!
 
I wonder if i will be able to find any physical when the paper markets hit $20 silver.
 
...SA/mmerlin, care to explain how did you came to the above conclusions, (like I am five years old)? Certainly you can see it happening right now. Preferably, with some nice chart (all children like nice pictures :rotflmbo:)

...trying to get better understanding of TA - or maybe there is some good source of info on the topic, for a beginner with not too much knowledge, but a lot of good will and some slightly above average mental capabilities, and not afraid of numbers/charts ;). I appreciate it might be difficult for someone on an advanced level in complex topic, to give advice to a complete noob like myself (like someone asking me about a good book for a novice programmer, I suppose ;)), but maybe any of you experienced TA guys can think of any good beginner's resources/book classics etc.?
 
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Before buying a book, you might look here:
http://www.investopedia.com/university/technical/


Silver technicals:
- 26 was a major support level. As it got violated we dropped $2 within hours.
- In October 2010, we had a small pause of the rally at 23. That's the next support level
- Below that is just 20 as support.
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PMBug said:
I wonder if i will be able to find any physical when the paper markets hit $20 silver.
Click to expand...

Probably going to be hard to find physical for a while until people realize that silver is not going to rocket up again.

This will also put a few LCS out of business. In a six mile stretch here there are six LCSs, none of which existed two years ago. This is going to kill them. The oldest one was selling junk silver at 20x last Friday, 1x above spot. Bet they wish they had no stock today.

bushi said:
...SA/mmerlin, care to explain how did you came to the above conclusions, (like I am five years old)? Certainly you can see it happening right now. Preferably, with some nice chart (all children like nice pictures :rotflmbo:)
Click to expand...

When I get a chance, I will post a pretty picture for you. :D
 
i think today was the end of the impulse.. the RSIs are simply too low.
 
DSAbug said:
i think today was the end of the impulse.. the RSIs are simply too low.
Click to expand...
We might take a breather due to the technical setup, but who knows what's going to happen after that. If gold closes the COMEX session as weak as it looks like right now, it might drag silver with it.
 
Surely welcome. I’m waiting with patience. Silver is definitely in a strong position at the moment. With not much support from the base metal counter either; the sentiments continue to be bearish for the remaining part of the year as well.
 
Honestly, I am hoping for smaller prices so that I can buy a few ounces of silver Pandas.
 
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