I posted the below chart on the BML forum about 3 weeks ago. What it shows is that historically, silver has only traded above US$30 twice in its history. On both occasions it resulted in blow off tops between 3 to 5 months later. This time I think it will be different in regard to the price collapse that has occurred on the past two occasions. I think that $30 will be the new floor and not sub $5 and $15 which has occurred in the past.
So, going on historical evidence, should silver break above $30 you would expect a move to $50 within 5 months. Silver breaking above $30 may ignite the precious metals stocks bull market.
I posted the below chart on the BML forum about 3 weeks ago....
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Last
29.5¢ |
Change
0.005(1.72%) |
Mkt cap ! $47.08M | |||
| Open | High | Low | Value | Volume |
| 29.5¢ | 29.5¢ | 29.5¢ | $4.997K | 16.93K |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 62 | 28.5¢ |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| 29.0¢ | 1731 | 1 |
View Market Depth
| Last trade - 15.31pm 10/05/2024 (20 minute delay) ? |
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Last
30.5¢ |
Change
0.005 ( 7.02 %) |
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| Open | High | Low | Volume | ||
| 28.5¢ | 30.5¢ | 28.5¢ | 4655 | ||
| Last updated 15.03pm 10/05/2024 ? | |||||
| MMA (ASX) Chart |