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I just cannot emphasize how much I like the silver chart, to me it looks ready to pop in what could be a 20% rally in as little as 4 weeks. We know silver is capable of such moves and I see the current coiling action being extremely similar to the move which occurred over the summer of 2012 (see chart below). We have a good pickup in speculative buying (COT) while the underlying technical strength of this Cycle looks great. The Cycle count is very favorable and we have what looks to be a massive double bottom triangle breakout coming!
Platinum is getting some love too; it’s breaking-out of its own bear market decline. Up $130 in just the first 4 weeks, it shows that the entire sector is attracting interest. It is overbought, but with a double bottom in place it appears to be in the early stages of a new trend.
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