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Spamwich
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Specialty: Technical Analysis My early years were not so rich, I had a poor family, at age 12 I landed my first job as dishwasher for $6/hr, by 14 years old my mother suggested to cut grass around our town for extra money, so with what little money I had, I put into some fliers and a lawnmower.... More
  • $SLV Long Term Bullish Technical Findings 5 comments
    Sep 1, 2014 11:51 PM

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  • Brian Bobbitt
    , contributor
    Comments (2087) | Send Message
     
    Totally bullish from more than a chart standpoint. Buy low..... and forget the rest of it , just buy low!
    Capt. Brian
    The Lost Navigator
    2 Sep 2014, 10:36 AM Reply Like
  • Spamwich
    , contributor
    Comments (331) | Send Message
     
    Author’s reply » Buying low is always a good thing! I believe the low is where support resides, $18 region is buying low right now, however if $18 breaks then we might get a chance to get a steal of a deal at $8-$10. Time will tell....
    2 Sep 2014, 08:38 PM Reply Like
  • oldscaler
    , contributor
    Comments (71) | Send Message
     
    Spamwich, great chart and I agree, that the paper price could be taken down below 18.00 but as I said in my post, physical silver would be very difficult to obtain and the premiums would be very high. However, if this were to happen, you would want to be in buying the paper version of unallocated silver through a company such as Kitco or other ETF's that are only partially backed by silver. I actually did very well doing this when the price dropped below 9.00 in the first week of November of 08. As you know, there is no shortage of paper silver to be had since it trades near 100 times more on a daily basis than what is produced. The other thing that is very bullish for silver is the fact that there are few pure silver mines in the world and most of the cheap silver has been mined. The other thing as you know is that most of the silver produced is consumed and in such small quantities that it is not profitable to recover. There just is not very much silver available above ground at any one time so once this manipulation in the prices ends, we should see a huge spike up. There is not anywhere near the silver around today as there was back in 1980 when the price hit near 50 dollars. Today less than 1% of total financial assets are in pm's whereas back in the eighties it was in the double digits. More and more uses are being discovered for silver so in the long term I can see that total consumption will be taken by China alone due to their use in solar power. The future is very bright for this metal imho. Thanks for your input, appreciate it.
    3 Sep 2014, 11:27 AM Reply Like
  • Spamwich
    , contributor
    Comments (331) | Send Message
     
    Author’s reply » Hey oldscaler, yes your refreshing my memory on a few things here, I have so much going on I just try to sum everything up from a technical point of view.

     

    One thing I find interesting is that almost every single asset is breaking new all time highs while silver and gold just happened to find resistance at their old year 1980 top. Some say I'm comparing apples to oranges but I still say now 35 years later that its due for a new all time high, the main question is... When!?!
    3 Sep 2014, 03:07 PM Reply Like
  • oldscaler
    , contributor
    Comments (71) | Send Message
     
    Agree that silver is due for another all time high as in 1980 which I remember very well indeed. Everyone and their dogs were in on the act. Department stores were setting up precious metals counters to buy and sell gold and silver jewellry and coins. Gas stations were offering to sell gas for 10 cents a gallon if you paid in silver coins. It was nuts. The hype came to an end though when the powers to be changed the rules and the Hunt Bros. were forced to liquidate their holdings and then went bankrupt. It was fun while it lasted though. Up to that point I had been buying silver when you could buy it for twice face value and still have most of it. Mostly in silver dollars which command a premium when selling of Ebay. I suspect that my granddaughter will end up getting it all in the end. It's not a game for everyone to play though but if you understand it like yourself, it takes away the risk. A good retirement hobby.
    3 Sep 2014, 04:07 PM Reply Like
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