Hi-Ho Silver Silver Charts

Here is JW's latest:

$$$ THE SILVER PRICE HAS WITHSTOOD A MAJOR ASSAULT ON COMMODITY PRICES. THE IMPACT ON CRUDE OIL IS MUCH WORSE. SILVER IS PROVING IT IS NOT JUST AN INDUSTRIAL METAL, BUT A RESERVE METAL, A MONETARY METAL. THE BUILT BASE FOR A PRICE RALLY IS ALMOST FINISHED. THE SECOND HALF OF 2011 WILL BE MARKED BY A STRING OF NEW HIGHS. A FALL TO THE 30 LEVEL IS THE WORST CASE OUTLOOK, BUT IT WOULD CHANGE NOTHING. $$$

Here are the updated charts:

The 240 minute chart below shows that we are currently testing SUPPORT near 36.30. Note how PRICE is sitting/consolidating above the pink 21ema AND the trendline

The 120 minute chart below confirms the 240 chart above, but now also shows that there is a resistance line (should see some selling when we reach it) at 36.70. You can see there is an UPTHRUST (spike candle) just below it which suggests there is some resistance there.

The 60 minute chart below shows that we broke above the channel we were in over the last week and is now TESTING it as SUPPORT. There is a stick in the mud at the upper trendline though just ahead. When PRICE AND TIME meet ahead later in the day (where the two lines meet/cross, we may  see some action (Down?) which would confirm the FALLING WEDGE discussed in earlier updates.

The 60 minute chart below shows that we are currently working within a channel, and are sitting on the lower channel line. Do we get a bounce or a break?

One could also say the 30 minute pattern is a RISING WEDGE as shown below. A break DOWN either way would not be bullish action. Any EE action here could create some real selling and price drops.

Gold just broke up Big in £'s.   Could bode well for Silver too!

@harfwit

I don't think anyone can predict future movements, especially in this manipulated market.  Physical demand is EXTREMELY bullish and a disconnect could happen any time.

The manipulated PAPER market still rules the price of silver.

Listen to all the Eric King interviews (especially Sprott, Turk, Sinclair, Griffiths) which can be found here:

http://www.kingworldnews.com/kingworldnews/Broadcast/Broadcast.html

These guys have their finger on the pulse of the physical market. IT IS TIGHT. So predicting future movements up/down are difficult...especially with all the Greek, Irish, Portugual (not to mention US) problems.  Demand from China, India and CB's make supply even tighter. We are on the precipice...and as Turk says, we could ZOOM up ANY time.

Overall, I HOPE price goes down, so I can LOAD the truck...BUT do not count on it. The best thing to do is to buy here in amounts you can SLEEP well with and yet BENEFIT from on a move up.    You should hope to buy lower.   ALWAYS BUY FEAR and BLOOD. Never Buy a breakout.

One other thing---Gold is LEADING Silver right now. Gold is STRONGER.  Turd BOUGHT LAST NIGHT for this reason.   Gold first, then Silver.

Prices in different currencies DO matter. It all depends on what currency you purchased your gold/silver with. PRICE moves within a particular currency are the RESULT of the DEVALUATION that that currency is going through. The £ has just broken to All Time Highs which shows that the currency is being devalued in some way, and for SOME reason (Greek exposure?). EDIT: Just found this news: Britain could be hit with losses of up to £366billion from the collapse of the Greek economy, it has emerged. Danny Gabay, of Fathom Financial Consulting, which calculated the figure using data from the Department of Business, said: 'It's not the direct loan that’s the problem, it's the derivatives of those loans which can go on to be multiples of the actual original size of the loan,” reports the Daily Mail.

If your SAVINGS are held in physical gold in £'s (as I do), you will be very happy because while every one elses £'s are LOSING value (because they do not own or save in terms of physical) the costs of every day items are RISING like a CANCER.   While we gold owners are NOT losing value. We are PRESERVING our WEALTH.

The same goes for holders of gold/silver in $US, Euros etc.

However, those owning their Gold in $AUS or SEK have not seen their gold rise in value because their economies are strong. (ie No devaulation)

Here is the $AUS. It's not moved much in FIVE YEARS, has it?  They are RAISING their interest rates as we all should, BUT ARE NOT. There is a race to devalue currencies against each other. The £ is winning so far, but the $, Euro are catching up. The $AUS is rich in natural resources, and therefore a strong economy (trade with China etc). Their STRONG currency is a result of that:

Here is a comparison between the $AUS and the £ FIVE year charts. Spot the difference?

By Kerin Hope
Financial Times, London
Tuesday, June 21, 2011

http://www.ft.com/intl/cms/s/0/c986823e-9bf8-11e0-bef9-00144feabdc0.html

ATHENS -- Greek citizens are emptying savings accounts and buying gold as they brace themselves for the possibility of a sovereign default and a run on the banks.

Pledges by socialist prime minister George Papandreou that his government would "save the country" have been widely discounted by the public. However, parliament gave him a vote of confidence late on Tuesday night. The socialists have a six-seat majority in the 300-member house.

Sales of gold coins have soared as savers seek a safer and fungible source of value.

"When the global financial crisis started, our sales of coins to investors overtook bullion for the first time," said Harry Krinakis, at Sepheriades, a Greek precious metals trader. "Now the sales ratio has reached five to one."

Tomas, a computer technician, has exchanged his euro savings for gold coins: "I keep them at home just like my grandmother did in the Second World War."

Monthly bank withdrawals were running at E1.5 billion-E2 billion in the first quarter. Last year, depositors withdrew E30 billion, equivalent to 12.3 per cent of total savings, according to the central bank. Greek deposits worth an estimated E8 billion were transferred to banks in Cyprus in 2010. But the flow has dried up this year amid fears that Cypriot banks could suffer contagion.

Andreas, a supermarket manager, transferred the family savings to Munich earlier this year. "The Swiss banks aren't interested unless you’ve got several hundred thousand euros," he said.

"We can't trust the politicians to get us out of this mess [and] have to protect our families," said Sakis, a garage owner, at an anti-austerity protest in Athens' Syntagma Square. "A bank collapse has got to be in the cards." He added he had withdrawn his savings and placed them in a bank safe deposit box "for security. Who cares about interest right now?"

Others put their savings into land when prices fell after Greece's first European Union-led rescue last year. Angelos, a software specialist, bought a neighbour's olive grove. "I grabbed the opportunity," he said. "A year ago I wouldn't have considered making such an old-fashioned investment."
 

I posted this about myself on Pailin's thread, and is probably a good idea to post here too:

"I am also self-employed, but businesses are not doing well. So I have been actively investing/trading Silver until other opportunities show up.

I've been trading/investing 13 years. Lost a bundle (6 figures) in the tech bubble as a novice trader.  I managed to make it back trading equities after a steep learning curve. Read many books, blogs, attended courses, software etc.

I use multiple trading methods/software to arrive at my investment decisions. I no longer believe in the equities market as it is all due to Fed pumping and $ devaluation. The best  way to make money these days is to buy in a Secular Bull market which will forgive poorly timed purchases. PM's are the ONLY Secular Bull market.

In 2006 I sold a property in London which tripled in value after buying in 1995. These profits were put in an offshore account making a nice income getting nearly 8% interest (one account was in Iceland. I was savvy enough to get out while the getting was good). Then rates dropped,and that income disappeared.

After watching Gold move from $450 to $850, I decided to take money out of the banking system and put 50% of those profits into gold coins in 2008. They have seen a nice increase, BUT realised that these are were actual profits but rather a preservation of wealth.

I needed to generate PROFITS, so I looked at silver as an under-valued play in the Jim Rogers style. After much research, I put 25% of my property profits (which were still in an offshore account collecting .25% interest!) into silver right at the breakout point of the August 2010 bull run. I rode it for the most part to the top for excellent profits. I did this by buying PHYSICAL. NO leverage. I knew that Silver was called the "bitchy" metal, and that leverage could kill anyone. At the halfway point of that run, I fine-tuned my strategy for buying physical so as to maximise my profits in future.

So here I am today accumulating slowly, and waiting for a huge SPIKE down (2008 style I hope) to back the truck up with.

I Buy BLOOD Red days when there is FEAR. The only way to win in this manipulated market.

I love to learn more about the PM's and came across the Great Turd. I thought it was fantastic that Turd's main goal was to help the unknowing sheeple. I tried to help those  around me by telling them what's happening in the economic world. Most either stuck their head in the ground, or called me a negative, pessimist conspiracy nut. I no longer spout my views unless I feel they will be taken openly and honestly. My wife is of the ostrich persuasion, even though she understands my views are correct. I am posting here as to share with others wanting to learn and share.

My sister is married to a high wealth trader for Credit Suisse (after leaving UBS). I went to visit them in CT over Xmas. Her husband and I have good conversations about the economy, and he agrees the future sucks. Funnily enough, he gave me The Gartman Letter every day while in CT.  lol

Best conversation during Xmas was with one of his former UBS colleagues, who lost his job there. Not knowing him, I asked what he did for a living. He told me "he closed banks"! I asked how, and he said he worked for the FDIC. He told me that he cannot understand how Americans can keep spending on STUFF when they cannot afford it. HE sees what is going on BEHIND closed doors...and it ain't good. HE IS SAVING. and PREPARING.

Well that's my story, and I'm sticking to it...lol"

Silver looks to be morphing into a pennant. A break ABOVE would be VERY Bullish (although there is overhead resistance)

A break below would confirm the Falling Wedge pattern.