Michael Noonan: There are two distinct advantages derived from reading charts. They are all based on factual information, in the form of executed trades, and they are a short-cut for reading about all the exogenous factors, [mostly fundamental], that impact the market.
Everyone familiar with or interested in silver knows about the dwindling supplies, the manipulation of the COMEX/LBMA paper markets, the M F Global disappearing act of accounts that stood ready to take delivery of [unavailable] silver, the inability to make good on deliveries, etc, etc, etc. All facts sufficient to drive silver to above all-time highs, yet price continues to languish in the $18 – $25 range.
We attribute silver’s inability to fulfill PM holder expectations because Western world central bankers will not allow the price to rise. For years, central bankers have been winning all the battles, but the ultimate outcome of the war has them doomed. However, it may be many more months, possibly a few years, before the war is lost. What happens in between will financially ruin paper holders, [contracts, stocks, fiat currencies, etc.], and reward those smart enough to have accumulated and personally held the physical metal. See Do You Prefer Fundamental Tale Or Technical Reality?
The stackers will be rewarded for their insight and patience. The latter continues to be tested, but at the same time, it offers the advantage to accumulate more at these likely never-to-be-seen-again prices for the next few generations.
Americans have been “conditioned” to “want it now!” Chinese think in terms of future outcome[s] and planning accordingly to be in a position to enjoy the benefits of what is almost sure to come. Nothing is ever guaranteed, just like tomorrow is promised to no one. We get to live in the present tense and conduct our lives as to what will bring continuity for the next day/week/month/year/decade.
The reasons for buying and accumulating silver are more pressing with each passing month. No one knows how the central bankers and their compliant governments will “change the rules.” As an example, it may become a “criminal act” to buy or trade in silver. Already, there are reporting requirements in place that allows the government to track who is buying. Right, NSA?
Already the CIA has told bankers to get out-of-the-way when agents raid suspected safety deposit boxes that might contain silver and gold. Always remember: If you do not hold it, you do not own it.” If anyone is storing PMs in any financial institution, you are at risk of losing it all.
Get while the getting is good.
Play the financial chess game for desired end results that are not dependent on the next rally/decline in the faux paper markets. Time is running out to buy and hold. Price does not matter. If price were to go to $200 the ounce, would you be concerned that you paid $28 instead of $22, not that $22 is currently available. Or, how about if at $200, you missed buying because you did not want to pay $28 or $35, so you have none/less when price reaches the $200 example?
Better to be smart, not “right.”
What are the prospects for silver, according to the charts?
Everyone can have whatever opinion [s]he wants, but facts prevail. Everyone can have a belief about what the market should do, but charts tell you what the market is doing, irrespective of opinion or belief.
There is a high degree of logic within the markets, and it is evident when one suspends opinion/belief and considers only the known facts, available to everyone at the same time. The market is the most reliable source of information, and all we need do is read the developing “story” unfolding.