Weekly Silver Report - From the Churn to the Burn

Last week I wrote the following:

Weekly Silver Report - The Churn

At the end of this week the Bulls took control and blasted through the $30 per ounce barrier.

Silver remains in an UPTREND. An uptrend is defined as a series of HIGHER HIGHS and HIGHER LOWS.

Is $30 per ounce silver a "big deal"?

Below is a Monthly Chart of silver:

For several years $30 per ounce has been a strong resistance level for the price of silver. On Friday, that resistance level was breached.

There is a saying: Resistance becomes Support. So at sometime in the future silver can be anticipated to "retest" the $30 per ounce level.

What remains to be seen is whether the $30 per ounce level will now be Support of the price of silver.

source: JM Bullion

The premium on American Silver Eagles remains around $7 per ounce.

Peace Out and Stack On!