Brad's Desktop
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Written by Brad Zigler
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February 06, 2009 12:46 PM EST |
Real-time Inflation Indicator (per annum): 7.9%
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Have you seen silver recently? The metal's taken out some significant overhead resistance. This is not just some technical prattle; silver's rally has developed some legs. London Silver Fix  That's not to say that the metal is out of the woods. This morning's higher London fix, however, encouraged silver bulls; the COMEX follow-through was even more supportive. Silver's been taking cues from both the gold and crude oil markets. The bottoming action in both markets, coupled with the mopping up of silver liquidity in London, has bolstered bullish notions. Technically, in fact, silver looks better than gold. The gold/silver ratio's turned down to the 71-to-1 level from the lofty 84x multiple reached last fall. A dip below a 71x multiple would be very significant, setting up a test at 67x. Gold/Silver Ratio  Objectives on the upside are $13.37 basis the COMEX March contract while support rests at $11.65. Next week ought to be very interesting.
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Brad;
Yes, I agree next week will be very interesting for the whole Precious Metals Group and Oil too! Especially in light of the fact that Netanyahu will probably become Isreal's new head of state. It's about to become very exciting... -jschulmansr