We’ve been anticipating a breakout in Silver for a while now, and this past trading week it happened. Silver had a powerful day yesterday and jumped by over $2 an ounce last week, breaking out from the top side of a wedge that in recent months had been restraining the price. This doesn’t mean Silver is headed straight up like a rocket immediately – it will meet resistance along the way, consolidate, push higher, etc. – but the outlook for 2012 has to be considered very bullish. A critical support band has held, and ultimately we expect a new all-time high over the next year. Holding some quality Silver plays in one’s stock portfolio, a mix of exploration companies and producers, makes a lot of sense right now. It’s the perfect time. This past week we pointed out some situations for our readers to consider and perform due diligence on. We’ll be highlighting more in the week ahead.
Below is John’s updated Silver chart after yesterday’s big move.
