At These Levels, Buying Silver Is Like Getting It At $5 In 2003 / Commodities / Gold & Silver 2024
The current setup on the silver chart is alot like the start of the silver bull market of the early 2000s. In those dayssilver was under $5 and considered cheap.
The current bottoming pattern from around2014 to now is very similar to the early 2000s bottoming pattern (see the chartbelow).
I have highlighted two similar patterns(marked 1 to 5).The bottoming period of the early 2000s started when silverbroke down at the black support line (bottom of the channel) in late 2000 andmade a low at point 5. This is similar to the period since the breakdown at theblue support line (bottom of the channel) in late 2014, eventually making a lowin 2020.
I have indicated how the current chartposition is similar to late 2003, when prices were still around $5. Late 2003was still very early in the bull market, an excellent time to buy. Buying atthe current levels presents equally great value, given the significantinflation since 2003.
This is especially true given that silverprices is expected to catch up with the significant debt inflation, asexplained here.
Price will probably soon move back insidethe channel just like it did in December 2003 and stay above that blue line forthe rest of the bull market.
So while the silver price is still wellbelow that blue line, it is really cheap.
Learn more at my premiumgold and silver blog or my Silver Long-termFractal Analysis Report .
Warm regards,
Hubert
“And it shall come to pass, that whosoevershall call on the name of the Lord shall be saved”
http://hubertmoolman.wordpress.com/
You can email any comments to hubert@hgmandassociates.co.za
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