Keep a very close eye on Silver- this may be another leg up.
It needs to stay outside that big downchannel for a week or so IMO.
It looks like the bankers started their raid late today. They managed to smack it down .35 off its high. If we can get some volume from now until close, the resultant short squeeze could have some interesting effects.
It's confirmed imo. Look at the weekly chart, it's looks ready to head much higher. it broke the trading range between 35.70 and 26.14...so ~$35 should be support.
you can't compare 1980 to now. Now, the silver market is more global and currencies are being devalued. Now, U.S. interest rates are 0%, back then they were raised to 20+ by Volcker. Now, we are in the midst of a potential global war if Iran is attacked...Deficit financing+printing is what's happening...we won't see a big drop unless a nation goes bankrupt, which has been averted now as we've seen in Greece. Dollar index is tanking, probably a slow fall to the lower 70 support area again.