Silver – Reflections of a Major Price Breakout

[Country]

SILVER appears to be making another major leg higher. Currently, it is NOT overbought, like it was during September and early October. That dramatic rise of SILVER began in late August from $18 to a high point of $25.05. That high point has now been exceeded and then some today. SILVER is now going higher.

How high will it go by the end of 2010?

That $7 rise (38%) from August to October gives us an idea of how large this second leg up could be. Given, that this SILVER rise is from a low level of $23, a further 40% rise from there, gives you a SILVER price of $32 spot in about 8 weeks or so, around the end of 2010.

If this rise is like the last leg up, there most likely will be NO pullbacks; just another straight up rise until it gets overbought again.

Now, if this leg up GOES EXPONENTIAL, we could see a rise something like that of the fall of 1979 into 1980. SILVER rose from $25 to $50 in a few weeks. It something like that were to occur, we could see ALL TIME HIGHS IN SILVER ABOVE $50 quickly.... Definitely, we are seeing history in the making as the FED purposely depreciates our currency. Let us hope and pray that they will not cascade us all into unchecked worldwide hyper-inflation as nations seek advantage by the currency depreciation.

[Ardent Listener]

So how high would it have to go before you think it would be overbought again?

[Country]

So how high would it have to go before you think it would be overbought again?

$32... At that point, SILVER should consolidate the preceeding gains for a couple weeks of choppy back and forth trading. IMHO, given that the FED maintains the same expansive posture, and the economic conditions stay the same or get worse, we could see a run above $51, the old 1980 all time high, is made during early 2011.

[argent_pur]

$26.25 as of 3:30 PM CST... .holy crap! Hold on to yer hats!!!!!!!

[beauanderos]

You know what's even better than the vindication of long-scorned tin foil hat wearing silver nuts seeing this price rise? Getting to witness Jon Nadler with egg on his face

[Market Harmony]

Price discovery is a wondrous thing.

[fb101]

Keep a close eye on Nadler. When he gets bullish it's a major sell signal.