Right now, we are at the end of the flag pattern. Silver price is set to explode anytime now. Yesterday (20/8/2012), silver price has up +.51 in a single day. Chris Duane (the founder of Silver Shield Report) mentioned:
We need to get above $30.61 to get the party started and bring out the silver rockets. The reason I say $30.61 because that is the 200 DMA and the point that breaks out of the 16 month cup and handle formation. I feel we have until next month until the real fireworks start. And unfortunately you are probably not going to like the kind of fireworks you are going to see…
On July 24th, Mike Maloney suggested that silver investors only had a month at the most before beginning a breakout with the price of silver.
Take a look at this chart:
Take a look at this chart:
You see, silver price is MIGHT NOT explode tomorrow but we are nearing the end of bear market. I mean very very near. When the price explode to $42-$48in the next 6 to 12 months, you will be grateful that you have bought your silver now at $28+. Why $42-$48? In fact, that is a very potential price you should target to exit your silver for the short term.
Personally, I have buying silver like crazy for the past 1 month to prepare for this moment. I have been buying a lot of silver rounds and some silver bars. I prefers silver rounds over silver bars because silver rounds is always being perceived as money (even though it is not). The bottom line is, I do not want to beat myself up and regret that I didn’t take any action when silver price is cheap. If you can remember during year 2008-2010 (3 years), property price in Malaysia was dirt cheap. Right now when we look back, we might call ourselves silly for not taking action to invest in property back then in 2008-2010.
