Silver is Following its 1970s Pattern

Summary: Despite the bearish sentiment on silver right now, it’s still holding about the critical support level of $26. If we compare today’s market to the last discernible bull market in silver, we can see some interesting correlations. Both times, the metal underwent cyclical corrections after big advances. As we see on the charts in this story, silver had a pretty strong run in the early 70s, consolidated in 1974, then climbed to its 1980 high over the course of the next five years. If we only look at this chart, it’s certainly plausible to think silver will turn-around. Every market will consolidate its gains – it’s only a question of time. Read more…