Only about thirty-six hours ago I did a post called Can Silver Come to Life? in which I bemoaned the fact that silver had been grinding away, going nowhere for months. I actually had a final paragraph in that post which declared I didn’t really care, since I didn’t have a position, but upon further reflection, and a commitment to the longer-term, I went ahead and not only took on the biggest position in PSLV I’ve ever had, but I also bound a bunch of silver bullion just for the hell of it. Thus, I deleted the “I don’t even care” paragraph in the post.
How pleased I was to see this morning that /SI is up over 4%!
This is an important breakout, and I’m inclined to buy even more.
Silver has been frustrating, to be sure. Basselope properly described it as the metal I love to hate. I’m loving it this morning, though, and I want to emphasize how powerful the long-term picture is.
My showstopper in this argument is the silver-to-gold ratio, which makes silver – – yes, I’ll say it! – – cheap. I do recognize that gold has had an insanely powerful run (and there’s a post in the hopper from David Pinsen about taking some gold profits), but I think silver’s day has finally arrived.
