- Rosen – Expect Stunning $233 For Silver As It Begins To Soar!
On the heels of the US Mint suspending sales of silver eagles, today 56-year market veteran and analyst Ron Rosen sent King World News exclusively two outstanding charts and commentary for our global readers. This will give KWN readers an important snapshot of of the extraordinary roadmap he sees going forward for silver.
Below are the charts and comments from 56-year market veteran and analyst Ron Rosen:
Ever since the bull market in silver began at $4.01 in November 2001, important and prolonged corrections have taken the form of a triangle. After spending many months forming the triangle a breakout to the upside would take place. The breakout to the upside on each of the three triangles on this monthly chart of silver was followed by a return to and successful test of the breakout level. The successful test was followed months later by a peak at a new high.
The peak of $21.44 after the first triangle was 3.93 times the triangle low of $5.455. The peak of $49.82 after the second triangle was 5.93 times the triangle low of $8.40.
The third triangle had its breakout to the upside and appears to have completed its testing of that breakout level. If we use the Fibonacci progression that has followed each triangle, the next peak should be 8.93 times the third triangle low of $26.105. This would produce the next silver high of roughly $233….