Last week I wrote the following:
Weekly Silver Report - The Churn
At the end of this week the Bulls took control and blasted through the $30 per ounce barrier.
Silver remains in an UPTREND. An uptrend is defined as a series of HIGHER HIGHS and HIGHER LOWS.
Is $30 per ounce silver a "big deal"?
Below is a Monthly Chart of silver:
For several years $30 per ounce has been a strong resistance level for the price of silver. On Friday, that resistance level was breached.
There is a saying: Resistance becomes Support. So at sometime in the future silver can be anticipated to "retest" the $30 per ounce level.
What remains to be seen is whether the $30 per ounce level will now be Support of the price of silver.
source: JM Bullion
The premium on American Silver Eagles remains around $7 per ounce.
Peace Out and Stack On!