Jump to content
House Price Crash Forum
Sign in to follow this  
Asheron

Citigroup Says: Silver To Test $100 Level

Recommended Posts

Silver may more than double to $100 an ounce if the current bull market follows similar patterns seen between 1971 and 1980, according to technical analysis by Citigroup Global Markets Inc.

The attached chart shows spot silver had “two legs up” with an interim corrective move down in the last major bull market from November 1971 through January 1980, Citigroup analysts led by New York-based Tom Fitzpatrick wrote in a report. In the current uptrend that started in November 2001, the metal jumped 5.8 times through March 2008 before slipping 60 percent, they said. The price then rebounded and tested the 1980 high earlier this year, they said.

“If the final rally in the last bull market repeated then we can expect $100 over the long term,” Fitzpatrick and two other analysts wrote. “While the high so far this year was at the same level as the peak in January 1980, we are not convinced that the long-term trend is over yet.”

Silver for immediate delivery has dropped 21 percent from an all-time high of $49.79 an ounce on April 25. Still, the precious metal has more than doubled in the past year and is the best performer on the UBS Bloomberg CMCI Index. It declined 0.4 percent to $39.26 an ounce at 9:22 a.m. in Singapore.

“The move down from the April high this year has come to an end and the double bottom is a good platform for a turn back up,” they said in the July 15 report. Fitzpatrick confirmed July 20 via e-mail that their view is unchanged.

A weekly close above $38.84 would confirm the break higher, opening the way for $44, the report said. Spot silver closed at $39.3050 last week. “A test of the trend highs again at $49 would not surprise us.”

Technical analysts watch for patterns on daily charts, such as moving averages and resistance levels, for clues to price direction.

http://www.bloomberg.com/news/2011-07-22/silver-may-more-than-double-to-100-citigroup-says-technical-analysis.html

Share this post


Link to post
Share on other sites

Thanks for posting the Citigroup comments. I think we will be going above $100 silver sooner than what Citigroup is saying.

James Turk was saying this a few weeks ago and expecting silver to get into the mid 40s once silver got over, if I recall correctly $39 closing price.

Peter Schiff expecting QE3 and silver north of $200.

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2011/7/23_Peter_Schiff.html

Edited by Take Me Back To London!

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.