As you all know, the precious metals have been declining lower over the past four months. Officially, silver topped out in April 2011. At that time, the iShares Silver Trust (SLV) traded as high as $48.35 a share. Today, the SLV is trading around the $28.62 level. The daily and weekly charts of the SLV are signaling further downside, however, rarely will the precious metal decline in a straight line. Some short term daily chart support levels for the SLV will be around the $28.00, $27.00, and $26.00 levels. Should the $26.00 level get tagged it could be a decent buying opportunity. Silver should simply be traded at this time, any long term hold for SLV will be later down the road.
Some leading silver related equities that could follow the action in the SLV include Silver Wheaton Corp. (USA) (SLW), Sprott Physical Silver Trust ETV (PSLV), and the ProShares Ultra Silver (ETF) (AGQ). Many traders believe that the precious metals will ultimately trade higher with all of the currency devaluation taking place by the central banks. This theory is likely to be true at some point, however, the long correction in silver continues to be taking place at this time.
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Where Can I Buy Silver?
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