Wednesday, April 02, 2008

Good Silver Price Action - part 2

The silver price is trying real hard to bottom here:

It gapped down. That gap down will be closed/filled. Plus it made a hammer: intraday, in NY, it opened high, went low, and then made a comeback. The hammer is not perfect but basically, the open, the intraday high, and the close were all up there right around each other.

Jim Sinclair yesterday due to the huge amounts of USD creation currently going on changed his tune slightly to "The side effect of all this money being thrown at the international investment banks is to produce an unprecedented degree of monetary inflation over the shortest time in economic history.". According to how he's put it in the past, he's now seeing the future worse than he imagined.

Silver is absurdly cheap right now. It should at least go to $2-300. Yesterday was bullish bottoming silver price action.

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