Thursday, December 29, 2011

Silver Holds $26

Live 24 hours silver chart [ Kitco Inc. ]
Silver has held crucial support at $26- FOR NOW.  We wrote early this morning that silver looked to retest the lows near $26.05 overnight, and as you can see on the chart below, silver did exactly that just after 6am.  The good news is that $26.05 held for now.  The bad news is we did not see a sharp reversal off of $26. We are currently nearly a dollar higher at $26.90, but silver will need to get back above and close above $28 by the end of the week to even start considering $26 as a double bottom.
For now, a plunge to long term support at $22 has been averted, which would have provided an exceptional stacking opportunity. 
For those whining about their silver purchases and wishing they never made them, did you buy paper, or physical silver?  If you bought phyzz, please go empty out your rolls and play with your coins this morning.  Did your eagles go anywhere?  Did your stack shrink?  Didn't think so. 
The hardest part about any bull market is to be right, and sit tight.  The current price action in silver does not phase me in the least, because I have 100% conviction the long term outcome of this fiscal/debt crisis.  My stack will never be confiscated due to rehypothecation and shady former Goldman Sachs banksters.  Phyzz cannot go to zero, unlike the rest of the modern Western world's paper financial assets.
Be Right, and SIT TIGHT!!

Live 24 hours silver chart [ Kitco Inc. ]