This weekly report is coming a little early due to recent market action. Last week, silver breached a $30 per ounce barrier that had been in place for several years.
Last week I wrote:
Weekly Silver Report - From the Churn to the Burn
Well that "sometime in the future" showed up today as silver dropped to a LOW of $30.27 per ounce starting the Retest of the $30 per ounce level.
As far as I am concerned this is great!
Why?
Simple. If we are about to see a multi-year "Bull Market" in silver this is a perfect set up to signal the beginning of a beautiful run.
The starting line is at $30 per ounce. The key is whether silver breaks down right here and now. If you are bullish on silver then you do not want to see a break below $26.25. If silver breaks below this level then all we had was a false start.
A retest of the $30 per ounce and some sideways movement followed by a breach of the recent HIGH of $32.75 then we have the ingredients for a wonderful run in silver.
All I am saying is pay attention, filter out the noise, and watch the price action.
source: JM Bullion
The premium on American Eagles remains around $7 per ounce.
Peace out and Stack On!