- The silver rocket is blasting off. Next stop US$40/oz, we may see this next week. Another pit stop at US$44-45 and thereafter it is a breach of the all time high at US$50. I see silver at US$100/oz this year. Tremendous amount of physical silver is being pulled from the market.
Norcini – Silver Shorts Literally Panic, Gold Shorts Now Worried !
With silver breaking above the $37 level and gold trading $20 higher, today King World News interviewed legendary Jim Sinclair’s chartist Dan Norcini. Norcini told KWN what we are seeing today is a major breakout in the silver market and panic from the shorts: “Today we are seeing a strong move higher in silver and in gold, but particularly the silver market, which is up over 4%. Once silver took out $35.50 in a strong push, they ran a huge number of stops to the upside. There were a lot of shorts covering, Eric, there was literally a panic among the silver shorts.”
“There were three previous attempts at this level that were held back by the shorts and when this upside resistance level was breached, the shorts had no choice but to run for cover. To compound their problem you had more fresh money pouring into silver, which simply added stress to the already panicked shorts.
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