Silver weekly chart
It has been more than two years since I last wrote about silver on 14th January 2008 (http://stock-wizard.blogspot.com/2008/01/gold-at-all-time-highs-what-about.html). I was expecting a target of 23000. The metal have moved more than expected it made a high of 27000 on March 2008. than crashed to 16000 and now is back at 30,000.
Overall the long term scenario for both precious metal have been bullish. Readers will remember that I was expecting gold to come to 1400 USD in January 2008 in long term. At that time gold was trading at 800 USD and no one would have ever expected it to move up to 1260 USD its all time high made yesterday.
I expect that in long term both the commodities will keep on rising for next two years. Silver is particularly looking very bullish in long term. It had broken out of an very bullish pattern and I expect it to go up to 42,000 rs kg. One can be long on this commodity in physical form with a stop loss of 26000 in cash.
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