Friday, 17 August 2012

COMEX Silver Inventories Have Peaked, Now Declining

"I don’t think it’s coincidental that the low of $26.07 in silver was set the very same week we saw the peak in COMEX inventories.

Now silver inventories have declined and silver starts to look a little more technically positive. Twice now the silver bears have failed to follow through on the downside.

Something important to keep in mind as well, the area around which we’ve created this triple-low in silver, is right in line with the 50% retracement of the entire bull move from 2001 to the $50 high. A move now above $29 would be bullish from a technical perspective, and that’s something we’re looking for.

After $29, the next major resistance for silver is $37.50. This is a situation where silver has a pretty decent upside move in front of it once $29 falls.”

- Greg Weldon via a recent King World News interview, read the full interview here: