Last November, I sent a friend the e-mail below. Today, with silver at $28.37/oz (having bounced off $27.50 last week) and gold at $1,580/oz (having bounced off $1,540 last week), I sent him a TIME TO BUY PM! e-mail. I haven't made that bullish recommendation to him in a long time.
When silver was still in the $40s last year, I advised him to sell. He didn't do it. I'm hoping he will listen this time.
M...,,
For what it's worth...
Silver traded at a multi-week low on Monday, then rebounded on Tuesday, but neither move looks significant on the daily chart. To show meaningful strength, silver would have to break above resistance at $33.50-$34.00. That would establish a short-term target of around $39.
I think silver becomes a strong BUY at $28 or lower... and there's a good likelihood of that eventuality. Given the risks and the probability (based on what happened during earlier corrections) that the next major advance won't begin for another 7-12 months, silver is not yet low enough for long-term traders to buy.
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