The Phaserl


Silver Breakout Ahead?

by Ryan Jordan, Silver News Blog:

The silver price—range bound currently—is seen by many as a dead asset. Exhaustion has set in among both sellers and buyers, after last year’s epic volatility. It is hard to say how long the lethargy will last in the silver market. But as we have seen so often, just when no one is expecting it, the price of the white metal can make a powerful, unstoppable move to the upside.

It looks as though last year’s low of roughly 18.30 or so, will provide powerful support against shorts trying to take the market price to new depths. This support, in my mind, is all the stronger when you remember how at the end of December the paper pushers were able to knock gold right down to its June 2013 low—but they could not do the same thing to silver. All of the negative sentiment, the gloomy calls from investment banks, and talk of silver surpluses and gluts on the market still could not break the market for the white metal. I should also add the same was true for many of the leading silver mining stocks out there—when they were pressured lower in December, they too did not break down.

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