Silver Update 27 October 2010 Preview
October 27, 2010
Silver Update 27 October 2010
By Hubert Moolman
Silver is in a similar position as to what gold was in around this time last year. See the chart below for an illustration of this similarity.
I have highlighted the perceived similar spots, from 1 to 3. Note that silver is the top chart. From 1, where both silver and gold made a significant top in 2008, it has taken silver about a year longer than gold to pass that top, or the red line drawn from the top. Silver has to make up for that year, and we will see it in price action, as we have already seen in the last 2 months. This is very much consistent with the behaviour of silver as compared with gold, as in the late 70s & early 80s when silver made most of its gains towards the end of the bull market.
It is likely that the silver price is chasing the blue line, in a similar manner to what gold did last year.
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