Monday, September 26, 2011

Do We Have A Bottom? Silver Hits $26, Rallies 15%

Live 24 hours silver chart [ Kitco Inc. ]Has silver bottomed?
At approx 2am EST the Shanghai Gold Exchange announced a 20% hike in Silver margins, and we saw a capitulation sell-off to $26, before silver rallied over 15% in less than 2 hours back to $30.
Those who stayed up late and bought into these lows (provided they could find any physical silver remaining) have already been amply rewarded.

The million dollar question: Has silver now bottomed at $26?
If $26 does not hold a retest, we are headed back to major support at $21.50

Live 24 hours silver chart [ Kitco Inc. ]