Thursday and Friday showed the true strength of silver over a 5% gain. I have an Andrew's pitchfork showing trend channels and as you can see we burst above the top channel on Friday. The retest of the center line will be watched carefully, as it could be an additional entry opportunity on a bounce. breaking of this line would probably result in a retest of the 20 day MA.
Targets for silver:
Targets for Silver vary, however my ultimate target is hunt brothers high of around $48-$50. However, there could be a stall of the rally around $40. Silver has inflation hedge written all over it, but also very useful in industry.
The main theme of this blog is mining stocks, which I have been following through out. One I have written about is Great Panther Resources, (TSX: GPR).
Currently GPR is trading at all time highs (at least highest since 2002). This small cap mining company has the potential to do what other stocks I have been following such as FVI, AXR, EDR, FR have done. This stock is currently in my portfolio and quite happy with using it as a proxy for investing in the silver market.
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