While I wait for bitcoins to load up on some more rocket fuel here’s a diversion into silver (Adam you should enjoy this one!). Silver is of course another monetary investment which can protect wealth and is well overdue a trip to da moon.
Silver which literally means money in several languages around the world still has plenty of moneyness in my book. Many prefer to call it an industrial commodity. Each to their own I guess. It’s precious and makes nice cutlery too. However if you live in UK and/or Europe you get taxed for buying this money! How can that be? Could it be that ‘the powers that be’ don’t want you owning real money? Is silver the Achilles heel of the matrix ?
Silver is in a downtrend since its 2011 peak, as I posted recently the similarity to bitcoin is striking except in this case the timescale lasts years not months.
Silver is very close to busting out of a resistance line which has halted it several times at higher price levels. However it also appears to have rock solid horizontal support at these levels. Its very hard to imagine silver falling below that horizontal support. I think it is going to bust through that red resistance line soon and then go on a bull run.
Therefore I call the bottom, we are long overdue for some up moves in silver I say. Here’s another look at silver, this time a log chart stretching back to the beginning of its bull run in 2002.
The log view really shows a different perspective, the large peaks and steep corrections are revealed to be highs and lows on a fairly obvious upwards trend. Red center line shows where I think that trend lies. The rest of the lines are all on same slope. I’ve added a fork at the top. Its early days for that fork however it could be that it holds and price runs up, perhaps towards that green line by end of the year, which would be prices of over $30.
I realise this may seem glacial slow for people who frequent this blog and are into bitcoin. My dream is that if enough people profit and get rich from crypto and then proceed to diversify into silver then we may start to see real changes for the better. The fiat ponzi we live with at the moment is a system evolved and designed to steal wealth from productive people, sooner it is replaced with real money the better.