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August 2, 2006

Silver bullet, Wed., August 2, 2006, 11:16 AM

I am always amazed at how much happens in the space of a week. It was precisely a week ago I gave you a heads-up that the silver prices had bottomed. Look at them today!

Kitco.com chart of today's trading in Silver:

002u004.gif

A couple hours later, I followed up with an article about Silver Wheaton. As you can see, SLW has jumped from my recommended price of $9.12 to $10.55 in the past week, which is a gain of +15.7 pct. Not bad for a week.

Now that's a silver bullet!
002u003.gif

Posted by Posted by Bill Cara on August 2, 2006 11:16:18 AM | Category: Silver

Discourse

CDE up 6.34% since 9:30AM today!! ;)

Posted by: C.Note [TypeKey Profile Page] at August 2, 2006 11:28 AM [link]

Bill, the daily RSI for SLW is over 70 now. To be expected, I suppose, given the strong run.

Posted by: number2son [TypeKey Profile Page] at August 2, 2006 11:49 AM [link]

We may be about to get a lesson about running too far ahead of ourselves. If I were a CBer....

Posted by: MarkM [TypeKey Profile Page] at August 2, 2006 12:19 PM [link]

running too far ahead of ourselves?

i agree with you markm but i'm also on the edge of my seat. if they move us through this SPX resistance area with some power, the longs might have a three day party in all the sectors. gold, silver, oil, cars and boats and anything else they can find.

that said, we are looking overbought at this resistance level and that may not translate into weakness today but it will in the next day or so. a failure here would really get the ball rolling to the downside. i've cut back some of my exposure but i am going to fight the tape here a while longer.

Posted by: mtzion [TypeKey Profile Page] at August 2, 2006 1:01 PM [link]

mtzion-

First wave repulsed. Now we battle at a lower level. Looks like the final hour may be a "tell".

Good luck.

Posted by: MarkM [TypeKey Profile Page] at August 2, 2006 3:11 PM [link]