Man on the Silver Mountain | MartinKronicle - Michael Martin
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Man on the Silver Mountain

silver.march

(click for larger image)

The long-term uptrend in silver has been broken. You can see it a little more clearly in the chart below:

silver.mountain

(click for larger image)

I wouldn’t suspect that the contract will range between $28.50 and $31.00 before turning down…it very well could continue higher. Sometimes the charts just kick out and start a new trend with a different angle – sometimes steeper, sometimes flatter. Not every trend reversal shows up as elegant as the Sperandeo 123 Trend Reversal pattern, so you have to act fast.

Interesting to note that this contract went parabolic in early November and after a decent wave of profit taking, continued in the uptrend.

If the contract rallies to $30.50 or higher and fails, I would liquidate long postions. My guess is it will fail fast and the next stop on this train will be $25.00.

I have no position in silver at this writing.

Don’t forget to sign up for the Master Class with Victor Sperandeo on February 4 in NYC.

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  • hukers

    exactly
    if you do not have a position your advice is wortless,

    you never know once you bet

  • Anonymous

    Thanks douchebag, you must be new here. Please leave your “wortless”
    comments to Twitter and take up their electrons. You have nothing to offer
    of any value.

  • Jaytrader

    I have no position in soybeans. I know a guy who’s short. I gave him advice to get out when it hit new highs this morning. Does that make my advice worthless? ‘Hukers’ apparently didn’t thik that through. Nice response, Michael! :)

  • Umera369

    Your blog is one of the best in the industry.You said you are going to write something about the gold silver ratio.Can you also shed some light on WTI-Brent crude ratio as well.Historically WTI used to be more expansive then it’s transatlantic cousin.But these days Brent crude is selling at a premium of $6.50.A huge anomaly.Thank You

  • Anonymous

    Thank you for the compliment. I will put the WTI/Brent spread on the list of
    to-do’s for you.