Bali Blooger recommended Silver: The Best Winning Streak Since 2006
Bali and world news and views editor's comments.
Those of you of the following my blogs and posts are well aware that one of my favorite investments the last three months has been silver.
Lo and behold, it has had the best winning streak in years.
I must admit that in times such as yesterday when it had a new high that I was tempted to sell but I decided to hold.
And even though it feel later in the day it is back up again day.
This is one investment I will hold for a couple years as I believe it will at least double and possibly even triple in 3 to 5 years.
I don't sell this investment, and cannot profit from buying it.
So my advice is friendly advice from someone who has been investing in precious metals for over 30 years.
Summary
Silver records nine consecutive weekly gains.
The precious metal becomes overbought on the daily chart.
SLV sustains above 200-day SMA and crosses a major resistance on weekly chart.
In my previous article titled
SLV Has Done Something Not Seen Since 2011, I discussed that the iShares Silver Trust ETF (NYSEARCA:
SLV) had recorded seven straight weekly gains, a streak not seen since 2011. I had then concluded that the precious metal would continue its winning run in the coming weeks as well. I am glad to announce that silver has proved me correct yet again by registering nine straight weekly gains. This is the first time since 2006 that the precious metal has achieved this feat. So, is this a good time to take some money off the table? There is no easy answer to this question but by the end of this article, an investor will be able to make a better investing decision.
The weekly silver futures chart highlights the latest winning streak and tells us that the precious metal is about to reach the crucial resistance level of $18.455, according to the 50 percent Fibonacci retracement.
This dominating feat was last seen in 2006. Take a look at the chart below.
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