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Frank started market timing in 1982 when the Federal Reserve cut interest rates and sparked the 1980’s bull rally. Realizing that this rally could have been forecasted, he began to search for indicators which had similar forecasting ability. Within a year, his first newsletter was launched,... More
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  • Higher highs Ahead for Ishares Silver Trust (NYSE: SLV)  0 comments
    Feb 14, 2011 4:58 PM | about stocks: SLV

    February 15, 2011

    Shares of Ishares Silver Trust (NYSE: SLV) closed at $29.96 on Monday, February 14 and appear poised to move considerably higher.

    There are many articles about the decreasing supply of silver plus an increasing demand. Add to this that much silver is destroyed when used and there is a good case for higher prices.

    At the same time, silver, gold, platinum, etc. are emotional metals. Prices move higher and lower sometimes for reasons hard to fathom, and with silver already up 96.6% in the past one year, to buy here could be risky.

    But we try to ignore the fundamentals as well as the emotions, and concentrate only on chart prices. The chart shows SLV at a few cents lower than its December 31, 2010 all-time high. Shares appear ready to break out.

    Compare this to gold shares and bullion which remain well below their highs, and it looks like SLV is ready to make another run to new highs.

    How high? There is initial resistance at $31.63 a share, 5.6% above Monday’s close. After this is $33.14, 10.6% higher.

    If SLV makes a decisive close above its old $30.18 high, look for a run to at least $31.63 over coming weeks. Support is currently at $28.25.

    http://www.fibtimer.com does not currently have a position in Ishares Silver Trust.

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