Have stayed away from the metals arena for a while, due to a sloppy sideways pattern. Last week I shared that the “Power of the Pattern” was looking very positive for Silver in the post “Hi Yo Silver Again.” (see post here). Even though the stock market in the U.S. is closed today, futures are trading and Silver is up over 5% as I write this email.
Below is a 30-year chart on Silver, based up “Monthly Closing” prices. On a monthly closing basis, notice how close to an all-time high Silver happens to be right now!
CLICK ON CHARTTO ENLARGE
Last week the “Power of the Pattern, suggested to own Silver on an upside breakout, which too place, so we are owners. If you are not on board Silver, a fun ride could be missed on an upside breakout. $50 an ounce Silver possible? A break above resistance and key fibonacci levels could free up Silver to reach the old daily highs hit almost 30 years ago!!!