Gold News

Is the Silver Price Trying to Break Out?

Wednesday, 2/29/2012 15:14

A "quiet breakout" for the Silver Price...?

WE WRITE this near midday Tuesday in Texas, say Gene Arensberg's GotGoldReport.

The Silver Pricehas broken out above the giant flag downtrend line and it seems to be doing so like it "means it." So far. Just below is a chart of iShares Silver Trust (SLV) as a proxy for silver. 

Notice also that silver (and SLV) has managed to reclaim chart real estate above the 200-day moving average. As we send this note to be posted gold is trading with a $1784 handle, with silver near $36.59. 

[Ed note: to see the latest spot market Silver Price, visit Bullion Vault's price chart]

Kind of a quiet breakout, don't you think? 

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A land developer, professional numismatist, self-taught bullion trader and investor since 1980, Gene Arensberg analyzes technical and fundamental developments in the precious metals markets. In 2000 Gene started sharing his own market research with fellow traders and fund managers. Those email reports evolved into his popular Got Gold Report, a biweekly look at important indicators for gold and silver published on the web. Gene's more in-depth market reports, insights and trading ideas are available at GotGoldReport.

See the full archive of Gene Arensberg.

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