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WATCH OUT If Silver Breaks Through This Threshold Next Week

Steve St. Angelo | July 2, 2016 – 4:57pm

The huge Silver Rally this week took a lot of precious metals investors by surprise.  The silver price surged 15% since the BREXIT vote results last Friday.  Silver began trading at $17.25 last Friday and closed at $19.76 today.  Gold also performed very well by increasing 7%.

Watch Out If Silver Breaks This Threshold Line

What is interesting about this present silver rally is shown the the chart below:

chaertt

What is important to notice in the chart is the 50 MA (BLUE LINE).  Once the silver price fell below the 50 MA at the beginning of 2013, it continued to decline over the next three years.  However, as the price of gold and silver started to rise in the beginning of 2016 and surge even higher after the BREXIT vote last week, silver is only $0.75 away from breaking through the 50 MA (BLUE LINE).

Once silver breaks above this 50 MA Threshold, I believe we are going to see a great deal more hedge fund and traders move into the silver market.  We may see the banks try and hold silver from crossing this trend-line, but if silver does close above $20.50 next week and continue higher… this could spell real trouble for the bullion banks who hold a great deal of silver short contracts.

Precious metal investors who were hoping for lower gold and silver prices to purchase more metal were caught by surprise as the silver jumped 15% in a week.  Those who have NOT YET BOUGHT METAL, you may be paying a lot more if the price of silver really starts to take off over the next several weeks.

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