Not Much of a Correction

Wow, that was a very short correction, in fact it wasn't a correction at all. Just a temporary dip that fooled many folks.

We still seem to be having trouble breaking that $49.00 resistance point. Silver has not had a rest for many months and it is way overdue, but given the dollar market it may not rest any time soon.

Technical charts have been so untrustworthy as of late, it's hard to say where we are going, or better yet, now fast we're going up. Up seems to be the only direction that Silver knows at this point.

Watching several online suppliers and the speed at which their stock gets depleted is amazing. Some small retailers are selling out the day that they receive inventory shipments from their suppliers.

So, I'll just keep buying and watching and laughing at those still in the dollar. China recently announced that they will get out of the US bond market to the tune of $2 trillion, or 2/3's of their holdings. When that happens, watch everyone pile on and sink the dollar even further.

Silver is Correcting

Silver is correcting after hitting a new high of $49.80 early this week. Look for the correction to last for a few days and it will most likely bottom out at around $40.00 before it begins its climb higher.

I continue to buy, even on the way down, as the bottom will be tricky to time and it's only going to go much higher. I think we'll see triple digits this year in fact, not a mere $50 or $60 as some are predicting.

$150.00 within 2 years is certainly likely and $300.00 by 2015 is a good target. There are even some saying that Silver will hit as high as $1,000.00 and that is certainly possible given the dynamics of the market and people fleeing to Silver as for wealth protection. Industrial use is still the number one consumer of Silver, but investment holding is a strong #2.

There is still an opportunity to buy physical silver and that is all I do. Paper is too risky, in my opinion, as the demand for physical will out strip supply in the not to distant future and there just won't be much physical to be found. Certainly with it gets higher there will be some selling their physical to take the profits, but with the dollar in it's current state that won't be any time soon.

Here is a video making a case for $1,000.00 silver...believe what you will...