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Silver Market Updates

Target 2 reached in Silver (Copper target reached)

May 17, 2012
By Chris Mullen, Chief Content Manager

The second target for the bearish "Head and Shoulders" pattern on silver was reached for greater than $25,000 per contract. The target was using "Measured Rule", which takes the distance from the top of the head to the neckline, and adding it onto the breakdown point.

Silver Market Morning

May 17, 2012
By Chris Mullen, Chief Content Manager

New York bounced back to $1,550 yesterday and Asia and London held it in that region today ahead of the gold Fix. The euro was weaker at €1: $12707. This morning in London, gold Fixed at $1,547.00 and in the euro at €1,217.439 up €10. Ahead of New York’s opening it looked slightly weaker at $1,546.50 and in the euro, which also continued to slip, €1,217.81 while the euro was at €1: $1.2699.

Backwardation in Gold And Silver

May 16, 2012
By Chris Mullen, Chief Content Manager

On Monday, May 14, something happened that hasn’t happened since Dec of 2008. Two successive near-month precious metals futures contracts were in backwardation at the same time. To oversimplify, backwardation is when the price of a futures contract is lower than the price in the spot market.

Silver Market Morning

May 16, 2012
By Chris Mullen, Chief Content Manager

New York closed at $1,542.60 down $16 and fell further in Asia again to $1,537.5 where it Fixed in London. The euro stood at €1: $1.2714 down 1.5 cents against the dollar. This morning in London, gold Fixed at €1,208.725 down only €5. Ahead of New York’s opening it looked stronger at $1,539.45 and in the euro, which also continued to slip, €1,209.31 while the euro was at €1: $1.2730. Silver Today - Silver closed at $27.64 in New York and rose in London opened at $27.37 after Fixing at $27…

Silver Market Morning

May 15, 2012
By Chris Mullen, Chief Content Manager

New York closed at $1,558.60 down $23 and held there in Asia as the selling seemed to have stopped for the moment. The euro stood at €1: $1.2863. This morning in London, gold Fixed at $1,559.00 down $5 and in the euro at €1,213.607 the same as yesterday. Ahead of New York’s opening it started to bounce and stood at $1,559.55 and in the euro, which also continued to slip, €1,212.90 while the euro was at €1: $1.2858.

Silver Market Morning

May 14, 2012
By Chris Mullen, Chief Content Manager

New York closed at $1,581.30 down $12.3 before the ‘clumsy’ seller came in again and pushed the gold price down in Asia again to $1,563. The euro stood at €1: $1.2876 after Friday’s close of €1: $1.2921. This morning in London, gold Fixed at $1,563.00 down $18 and in the euro at €1,213.792 down €15. Ahead of New York’s opening it started to bounce and stood at $1,564.00 and in the euro, which also continued to slip, €1,215.51 while the euro was at €1: $1.2867.

Silver Update

May 11, 2012
By Chris Mullen, Chief Content Manager

Here are a few patterns that might explain the current state of the silver price, as well as, provide the possible way forward. Below is a graphic which compares the current pattern on silver (from about the beginning of 2011 to present) to a 2007 pattern:

Target 1 reached on silver (update on gold)

May 11, 2012
By Chris Mullen, Chief Content Manager

The initial profit taking target of the "Descending Triangle" pattern of the daily chart (right hand side below) on silver has been reached. The "Head and Shoulders" pattern on the daily chart is still in play.

The Power of Relative Value & the Silver Market! WOW!

May 11, 2012
By Chris Mullen, Chief Content Manager

If this does not get your attention I do not know what will. Imagine buying a $400,000 furnished condo in 2011 with the proceeds of a $6,250 investment that was made in 2003. We know someone who has actually done this by using the power of relative value. Let us explain the concept and then we will explain how the relative value may apply to other great opportunities in our markets today.

Silver Market Morning

May 10, 2012
By Chris Mullen, Chief Content Manager

New York closed at $1,591.00. Asia lifted the price up to $1,594 early in London’s morning. The euro stood at €1: $1.2965 leaving gold in the euro at €1,229.46. The Fixing in London today was set at $1,590.00 up $8 and in the euro at €1,228.368 up €7. Ahead of New York’s opening it started to slip again and stood at $1,587.65 and in the euro, which also continued to slip, €1,227.41 while the euro was at €1: $1.2935.

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