Last week was a fascinating week as we saw breakout on Friday to cause a big jump in the price of many mining stocks. And it’s gapping up today. Once it goes to $1,350 the masses will start to get interested.
I talked about this with Ike Iossif in this interview:
But most metals are still languishing and the price of silver has been lagging gold badly for months and is even near its lows of last year.
Can it follow gold up?
Take a look at the silver chart.
Can silver breakout next?
It will take a close above $14.75 to do it.
One thing worth noting is that according to the most recent commitment of traders report the commercial hedgers and producers inside the futures market are actually net long silver!
So the smart money is accumulating at these levels.
Even if silver doesn’t breakout this week I think the $14.00 area here is certainly going to end up being a great investment point when we look back on things a few years from now.
But the masses are ignoring silver at the moment as they tend to only buy things after they have already gone up.
Check out my comments on gold with Ike here: