Weekly Silver Report

On a daily basis the silver market has been in a DOWNTREND. A DOWNTREND is defined as a series of LOWER LOWS and LOWER HIGHS.

And then this week, on Tuesday, silver seemed ready to make an new LOWER LOW. And yet something else happened. Silver dropped down to $22.98 per ounce, 4 cents HIGHER than the previous LOW.

And then, today, Friday, silver broke above the previous HIGH of $22.43 per ounce.

In fact, silver broke the previous HIGH at 12:50:15 EST. Yea, I was watching.

I am writing this at 1:20 PM EST and the market still has a few more hours of trading left.

However, if silver can hold these gains, then mark today's date, February 16, 2004 as a turning of a tide.

In sum, the silver market has posted a HIGHER LOW and a HIGHER HIGH which is the definition of an UPTREND.

We shall see what happens next week but the good news for silver bulls is that today not only may end the long running DOWNTREND but silver may also have flipped to an UPTREND.

source: JM Bullion

The premiums on American Silver Eagles remains below $6 per ounce.

Peace Out and Stack On!