In the past 6 months or so I've seen silver go from $26 an ounce, up to $37 and now back down to $27. Those are some pretty big fluctuations.
Hopefully silver can find some footing around $26.50 (Current Solid Technical Support and September Low) and can slowly start to rebound.
That's nothing. I got to watch the ride (and participate a little) back during the five month period from Sept 79 through Feb 1980. From an "all time high" of $11.02 in Sept to $50 on Jan 18th to $10 by the end of Feb.
Oh, stop bragging! :thumb: I also bought back then @ $18/ozt and HELD on until NOW. You didn't mention if you sold around $50!! I wish I had sold back the when silver jumped up to $27 but, I just owned it for about a week and I thought it'd keep on rising. But, as you know, It dropped back down when the Hunt brothers scheme was revealed.
As i mentioned earlier the next floor Silver is going to test $25 if that gives away it can easily plunge to 20.
Conder101, I think I reached my high back then, and wasn't really following the PM market as I could have. I bought 3 100+ ozt blocks and just put them away instead of studying the pm market.
I am interested. What, pray tell, is the source or pattern that you have gotten this invaluable information, or at least, how did you figure your numbers, because I should like to know how to hake such a prediction. (this is not meant to be an insult)
I'm some kinda split personality with regard to PM prices. Part of me is dismayed that my collection of world silver by type is less valuable in the eyes of others. Let me clarify that, the value to me remains constant, I'm a collector not an investor. However I am aware that the value of some lower grade coins is determined by their melt value. As I don't intend to sell any of them, the value ought to be entirely irrelevant but I can't resist a certain satisfaction (or reassurance) from knowing that while a certain coin may differ from it's album-neighbor only in the last digit of it's date or a tiny mintmark, it is something of substantialy more value. What strange creatures we coin collectors are! I have a quite hefty bag of scrap silver coins - damaged, bent, holed, badly worn, which I've picked up over the years and I secretly dream of cashing it in when silver reaches $100 per ounce. I'm not holding my breath though. A much larger part of me would welcome silver prices falling to $20 simply because I can buy more coins!
Nah i am not making that call just telling from what i gather reading various PM forums, even in Kudlow he interviewed a promiment PM analyst and he made a similar call. He also mentioned there are signs of deflation and treasury yields will continue plunging.
As for me, I rely on my knee When it's feeling good, I buy in the hood.... When it begins to swell, That's the time to sell. Ain't failed me yet.........
Some of us here have been saying the true price of silver is around $18-$21. The prices we have been seeing lately were all based on battles of CME shorts & longs. Silver buyers should try to understand this, but it's mostly ignored even by most on this forum. Most mistakenly believe that current silver price is based on some sort of industrial demand and have notions there is some secret ratio with gold prices.
If silver touches $26 again it will most likely be heading for $21 since $26 is now below the longterm uptrend that began in 2008. Since $26 is below that support line, the next level of support is the 2008 high. As Conder101 stated, the moves over the last couple years are dwarved by the moves of 1979-1980, but they are also dwarved by the moves of 2008 if you look at things on a percentage basis instead of a dollar basis. When the high was 21, the drop down to 9 was bigger than anything we've experienced since then, and I believe that needs to happen before we will see new highs, because: 2004: High of 9 2006: Omitted since 2008 had both a higher high and a lower low. 2008: High of 21 (133% gain from 9), then dropped back to old high of 9 2011: High of 49 (133% gain from 21), has yet to drop back down to old high of 21 Future date: I expect 114 (133% gain from 49), probably in 2014. No promises, just patterns I see.
