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Wednesday, April 27, 2011

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...

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