Monday, February 14, 2011

4 Hour Silver Chart

Silver is starting off the week on a very strong note and has pushed back firmly above $30. Bulls can seize control of this market if they can now push past this line of defense erected by the bears near the $30.50 level. Note the battle taking place at that line. Bulls pushed past the barrier earlier in the session but price fell back below it. However a fresh push is again underway to see if they can extend their gains.

Volume on the upthrusts is strong indicating the presence of quality buying. Sellers are trying to dig in here.

Stay tuned.


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5 comments:

  1. silverwoodFebruary 14, 2011 at 8:52 AM

    Dan, what is your opinion on Hugo Salinas Price's idea of reintroducing a silver coin as money to circulate along side the fiat? If it were to come to pass it would be very bullish for the price of silver.

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  2. Trader DanFebruary 14, 2011 at 9:00 AM

    Hugo is a friend of mine and is very knowledgeable of monetary matters, especially of silver's historic role as a monetary metal. Should such a development occur, it would of course be very bullish for the metal. Interestingly enough, in a sense, this is already beginning to occur here in the US to a very small extent with some merchants allowing payment to be made in gold or silver for their goods.

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  3. silverwoodFebruary 14, 2011 at 9:26 AM

    The big difference if Hugo's idea would come to pass in the US would that those silver coins would no longer have capital gains taxes or sales taxes, etc. as they would be "money". Do you know what Ron Paul's response has been to this idea?

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  4. georgeFebruary 14, 2011 at 1:12 PM

    Dearest Dan,I humbly take the opportunity to thank you from heart for your invaluable and so greatly appreciated writings in jsmineset and for offering your invaluable views here in your own blog.
    God bless you.

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  5. Trader DanFebruary 14, 2011 at 1:34 PM

    Thank you George.

    Peter - in regards to your second question - I do not sure waht Congressman's response might be to something like that although I would think, based on his monetary and economic views, that he would at least be favorably resolved for such a thing.

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