Thursday, November 10, 2011

Silver Rebounding After Smash to $33

Live 24 hours silver chart [ Kitco Inc. ]Silver is rebounding nicely after the CRIMEX open smash to $33....these typically occur in 2-3 waves however, so look for the 2nd paper wave to commence shortly.

Silver needs to hold above $33 or we are looking at a more significant smack, as the $33 area is not the uptrend line support from the correction lows near $26.  Short term anything is possible with the Euro on the verge of collapse and the dollar soaring. 
Long term, NOTHING HAS CHANGED (please see The Doc's rant on this earlier this week)- and the MF Global theft of customer gold and silver warehouse receipts should convince everyone that ONLY physical gold and silver held in hand have zero counter-party risk and can fully protect you from the unknown effects and reactions of the collapse of the western fiat system.

Live 24 hours silver chart [ Kitco Inc. ]