With Russia leading the charge and other countries potentially following suit, silver could break through its long-standing resistance levels, reaching $50 and possibly climbing even higher.
We continue to bang up against that resistance zone at $33, hitting a high of $33.22 but closing at $32.39. It highlights the $33 resistance zone which has held us back now since May.
Silver this past week jumped to a high of $33.02, surpassing the May high of $32.75. But just as soon as one could say “new high”, silver reversed and closed at $31.82.
As the gold-to-silver ratio shows signs of decline and copper rebounds, the stage is set for silver to make significant gains, with $50 as a key intermediate-term target.
Mr. Sprott holds 41,042,800 shares and 2,000,000 warrants, representing 13.3% of shares (non-diluted) and 13.9% on a partially diluted basis, assuming warrant exercise.
