Well, today they served us an appetizer of what the PANIC button pressed ON accidentally can do in the market of PM’s. I am not saying that investors are like a panicking crowd, but today was the first day where I purchased more gold than sold gold, silver was more calm, but ASE are still in high demand and slow delivery… By the way, if you follow this blog you know I mentioned to you this was going to happen and today premiums for Silver Eagles were up 25-50 cents. A nice 10-15% up in premium in one day, here we go again, April 2.0. The sentiment is at the lowest IMO, or just about, some people are repeating numbers like 12-13$, 15$, or 8$… and I like that! The hoards are wrong at least 80% of the time, after all. If 18$ is the bottom that was just my best guess, with silver RSI close to 20, or under, I would be glad to be calling for a legitimate bottom. This level of price 18-19$, then 20$, was a long resistance to break, back in mid 2009 to mid 2010. Took a full year. It just makes for a strong support level on the chart. Below that would be very scary. But don’t forget, once silver took the 20$ mark, went from that to 49 $ in about seven months… A nice 150% jump by our crazy silver horse. But that’ s just silver. Gotta love him the way it is, sometimes. So, I let them panic, I think we are on for a big surprise coming soon.
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