In the chart below, Silver stocks (ETF) looks to have broken from its sideways channel. Both had a nice relative strength day this past Friday! See performance results in the chart below.
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Gold may be getting the headlines of late, yet when it comes to commodity/portfolio performance, Silver/Silver stocks are the clear winners over the past 30 days.
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Game Plan…remain overweight Silver Futures/Silver ETF (SLV) and owners of Silver Stock ETF (SIL). Will remain using the breakout as the stop loss.
JB…$50 level was the highs back in 1980. Since Silver broke above its 61% retracement level, it should push towards that way. $41 level is a Fib expansion level that could cause at least some sideways motion. In sharing $50 was possible, I was attempting to frame how rewarding an upside break Fib should be for investors. If history was any guide, the move from around $34 to much higher levels might not take more than a couple of weeks!
Chris – Per an earlier post on SLV, is your target still around the $50 level? Thanks for the great work.