Friday, November 9, 2012
Hubbartt: Silver About to Take Off
The price of silver has plunged from $49.82 an ounce in the early part of 2011 to just over $32 an ounce today. That price weakness makes it a very good time to enter the silver market, as indicators point to a robust rally in the precious metal.
According to Morris Hubbartt of 321gold, he sees the market as oversold at this time.
Hubbartt says the CCI and RSI indicators are pointing to strong buy signals for silver, and the Aroon indicator is positioned to confirm a new upward silver price trend is about to break out.
Add to this the macroeconomic factor of money printing from the Federal Reserve and other central banks in major economies around the world, and you have almost a perfect storm for silver and gold at this time.
Hubbartt believes the price of silver will soar to about $44 an ounce by as early as January, 2013. If that's the case, now is definitely the time to invest before it becomes a game of running after the price.