Massive Investment Demand Puts Silver Back On The Mainstream Radar
With silver up 30% for the month, the shiny metal is now back on the Mainstream Media Radar. Yeah, it’s been seven long years since silver traded at $24, but now it looks as if it is just in the beginning stages of a new Bull Market.
Last Friday, CNBC ran an interview with Bill Baruch, president of Blue Line Capital. He said that when silver was trading at $22 on Friday, he expected more gains. And, this precisely what took place this week.
This is what Bill Baruch stated during his interview:
Bill Baruch, president of Blue Line Capital, expects more gains.
“I love the precious metals and have always said that you need a portion of your portfolio at minimum in precious metals, so silver has some room to run here,” Baruch said on CNBC’s “Trading Nation” on Thursday.
Baruch says the charts suggest $26 per ounce could be the next hurdle, a level of resistance stretching to 2011 that could now become support. If it moves past that, he says ”$30 could be in the cards, too.”
When Bill Baruch made that comment last Friday, silver was trading at $22. I published the weekly chart below in my article last Wednesday titled, BULLISH MARKET UPDATE: Silver Price Gets The Green Light To Move Higher, showing the next target level of $26-$26.50:
And, on late Monday night during Asian trading, silver reached a high of $26.27, in the middle of the $26-$26.50 target level. However, in a very short period, silver sold off $4 before recovering back to $24.
With the silver price up 30% in July, along with reaching the $26 target level, it seems like the next move is a correction lower, consolidation before the next leg higher.
I replied to someone via my SRSrocco Twitter Feed, why I thought silver had put in a short-term top:
…click on the above link to read the rest of the article…
