Submitted by SD Contributor FW:
Silver is trading like a volcano ready to blow. I think the sub-$26 level is history and soon, sub-$30 will be history as well. It’s managed retreat time.
I’m sticking to my call on Aug. 8th, which I think is very conservative: Strap on your seat-belt. We’re about to blast higher. By Sept. 30th, we’ll be deep into the $30s for silver and I’m in the camp that sees strong odds for new highs by the end of Feb., 2013.
Even on a site like SilverDoctors the sentiment and view that we’re going higher this month seems to have been a minority view. You can see an example of that general sentiment as expressed in the silver price guessing contest started Sunday, where very few people are over $30/oz for their guess for Friday’s close.
Meanwhile, the switch to steady accumulation was visible early this month, and I’ve been warning all that would look that we witnessed a change in the character of trading, with buyers setting their bids at incrementally higher prices after the seemingly endless testing of the $26 level. At the same time, mining equities were simultaneously signaling the start of a bull run.
Click here to see one of the examples of this “raising of the bids” type behavior from August 2nd and my comments about it. That Aug. 2nd upside reversal is actually similar to today, except we now see the product of bid expectations being set at a higher level. What we’ve been seeing differs from the standard “wall of worry” bull market pattern because the lion’s share of the buying pressure since late July has been coming from a small number of very deep pocket, strong hand investors (probably including China).
But that will likely change by the end of this week and starting next Monday. We’ll get over $30 by Friday and talk of a new bull run will spread next week, with an incremental increase of buying interest spreading in the retail market and participation by momentum trend following hedge funds accelerating.
I’ve been agnostic about the mega bullish calls from Bill Murphy’s sources and others. A doubling in 90 days is higher than I’d be willing to call. Ultimately, time will tell just how far this run goes. But make no mistake. Things have changed and the cartel, for the time being, is being overrun by physical demand. They don’t have 100% control. This manipulation war has always been one of their managed retreat.
I’m sticking to my call on Aug. 8th, which I think is very conservative: Strap on your seat-belt. We’re about to blast higher. By Sept. 30th, we’ll be deep into the $30s for silver and I’m in the camp that sees strong odds for new highs by the end of Feb., 2013.
If you don’t have at least 80% of the silver you plan to own this year and you’ve been waiting for a pull-back to add to your stack, do consider acting now for at least some of those purchases. Silver is trading like a volcano ready to blow. I think the sub-$26 level is history and soon, sub-$30 will be history as well. It’s managed retreat time.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
This is the week for my small purchase. hope I will not have to pay too much.
We have a KILL SHOT today, $100 is the target.
I hope Larry Edelson is off for once and we do not see one more dive to low 20′s before the last speculative blow-off. But he is often right. Maybe sell a little nearing $30, wait and see…
I’ve followed Edelson’s work for 10+ years and I’m not that impressed. He has actually missed many of the recovery bounces that follow the massive cartel attacks we’ve seen such as the one starting Feb. 29, 2012. He was slow on the return to the bull camp following the 2008 crash. If memory serves, he missed the swing back up following the cartel’s capping of the PM sector when gold first hit $500 again a few years back and was subsequently crashed.
Thank you! I appreciate someone’s perspective that may have more extensive experience than my own. I rather hope LE is wrong. In my short experience with him 1-1/4 years, he has most often been on the money. Yet, there are many whose insights I value very much here on SD and elsewhere. Ted Butler got me into silver in 12/05 (I put all my liquid assets in at that time), so he is my go-to guy. I hope to break ground on a new home next month and it would be exceedingly nice if silver obliged…
Bull Trap!
I for one really don’t care about the price movements at this point, as the Cartel can put the price anywhere. I know we’ll break free at some point.
I for one will not be buying for a few weeks. I will keep a close eye on the markets both here in the United States and abroad.
Could be a trap but it sure looks great on the chart! The fundamentals are ripe and this is the “Buy Now” flag for the majority of waiters. The cartel will have a hard time doing anything with this, at least for the time being.
Hi ho Silver……away!
OMFG. Silver is up. Don’t forget what Jim Willie said last month about another possible 20% drop before silver takes off like a rocket. That would be part of the process of the Eastern coalition completely draining the last remaining London supply. But of course no one here would be surprised if that (or anything else for that matter) did happen. On the other hand, a lot of smart people think this is it and silver is about to explode. So we will see.
I’m with the few that call this a “maybe” trap, or a last ditch effort by JPM to squelch the bulls. I am waiting for option expiry, after which I will buy. In the scheme of things, $1/oz more that I may have to pay is immaterial. Blythe had a fire burn her short twat today, she won’t be pleased.
This may be a trap. I`m not sure. JPM wil give it hell afyer the close.
I am certain that the rest of the world is as aware of the situation and are just as savvy, perhaps more. We all know that once we apply the buying pressure that will diminish their ability to effectively manipulate this stuff. The Chinese will continue the buying overnight. That’s my story and I’m stickin’ widit!
)
To da mooooooooon!
They May sell another 500,000,000 oz of paper Ag in an hour but, nothing can stop what coming! Hold on, this roller coaster is heading out the gate. Its gunna be a wild and crazy ride. lol But If you are reading this blog and others like it there is a pretty good chance you and yours will come out way better than most. Better than the other 99% of everyone! Heres To you stackers
A dollar here, a dollar there, pretty soon you’re talking about real money.
Everyone is back now, and happy!! Keep stacking!!!
Silvergood1: That’s just it… Many might be back on this site, as to be expected. Hopefully, we’re the “smart money.” But if you look at the overall market, most people are still asleep, and as I noted in the post material above, that’s likely going to start changing by next Monday.
To prove my point, click here and take a look at the traffic rank numbers for kitco.com. This is VERY objective data that demonstrates mostly North American PM sector sentiment just about as cleanly as one could hope to see. Switch the graphic to show “max” time, which gives a bird’s-eye view of the huge decline in site visits relative to the rest of the internet that started last fall. Switch time to “trailing 6 months” and you can see that the downtrend in site visits remained all the way up to last week. Keep in kind that when bouncing around in a range between 700 and 3000 on these stats represents huge swings because it takes a major shift in the number of visitors to register those number changes against the millions of internet sites that are out here. I like to use Kitco for this specific type of analytics because they’ve been around for a long time and they are big enough that their traffic patterns match sector sentiment best. In contrast, using traffic patterns for a site like Silver Doctors presents the difficulty of time comparisons not being “apples to apples” comparisons due to Silver Doctors tendency to be a small site getting larger, quite quickly, as it moves up the awareness growth curve (vs. Kitco, that already made that voyage many years ago).
Sorry for not posting a screen capture of the graphics directly. My computer has been crashing today. Got to fix the beast…
@Flying Wombat
Thank you vary good to see you bullish everybody should take note. I for one am not a sleep and never thought we would see the 26 levels we have. So silver had a vary good move today if we hold this 28.50+ a few days, high 29s or 30 can close on friday. Thanks for you time in getting this post together.
Hope this can hold until the beginning of sept then go nuts.