DislikedI was thinking about Silver and the $50 level and possible order flow. I listened to Bob Chapman and he made a point that the average investor in the 1980's was 55 years old. So 40 years later these people are probably dead and if they were alive would they really be trying to get out of their silver positions 40 years later?
I guess the point is that there really isn't any meaningful resistance / order flow at the old silver high of $50 from 1980 to stop price. It was mentioned that sure, you'll have profit taking at the psychological level....Ignored
Silver will definitely reach new highs. As I have said, the US dollar is in serious trouble, and will be debased a great deal in the future.The bull market in silver has a long way to go, but don't expect to go straight up or straight down nothing goes like that, So, there is nothing unusual about corrections.
Previous bull markets in commodities have lasted 15 or 20 years. This one is going to last at least that long if not longer, and we are only at half way the distance.
Also if you go back to any bull commodities market you'll see there's about a 40% range between the top and the bottom. They always have and they always will. So instead of trying to fight it I think is much more better to go in the direction of line of least resistance, just speaking from my own experience, plain and simple.
From my own experience when Silver will reach 50$ for the first time,the price will not stop at the even figure but it will push very hard to the upside a good deal higher, I have the history of such movements to guide me.
The same goes for gold,eventually gold will be a couple of thousand dollars an ounce, and probably much higher, as currencies become more debased, who knows how high.
Man, I'm the only one who dosen't feel so great when market is "almost close" due to holidays, still need to wait for tuesday to resume trading
all the best!