Silver is Inching Closer to an Upside Breakout

Silver is inching closer to its long-awaited upside breakout.  The huge accumulation pattern that silver has been building over the past three years is almost complete, as can be seen on the following chart.

I noted in my last commentary that silver looks ready to soar and more to the point, that the developing chart pattern “will manifest its bullish significance when silver climbs above the neckline around $20”.  That moment is rapidly approaching.  Last week’s correction in prices may perhaps be the last one before silver’s upside breakout. 

Few people expect silver prices to rise during the summer, which is normally considered a quiet period for precious metal prices.  Maybe the big surprise this year will be a spectacular summer rally for the precious metals.  After all, that is what the silver chart is telling us.

James Turk

Free Gold Money Report

Article originally published by the Free Gold Money Report.

James Turk is the founder of the Free Gold Money Report and of GoldMoney.com. He is also the co-author of The Coming Collapse of the Dollar (www.dollarcollapse.com).. Copyright ©  by James Turk.  All rights reserved.

Copyright © 2008. All rights reserved.
Edited by James Turk

This material is prepared for general circulation and may not have regard to the particular circumstances or needs of any specific person who reads it. The information contained in this report has been compiled from sources believed to be reliable, but no representations or warranty, express or implied, is made as to its accuracy, completeness or correctness. All opinions and estimates contained in this report reflect the writer's judgement as of the date of this report, are subject to change without notice and are provided in good faith but without legal responsibility.