Silver About to Issue a Golden Cross

by Sam Collins | September 28, 2012 1:23 am

iShares Silver Trust (NYSE:SLV[1]) — This fund is intended to constitute a simple and cost-effective means of owning silver since the trust holds physical silver bullion and reflects the price of silver, less the trust’s expenses and liabilities.

On June 28, at under $25, SLV hit bottom and immediately reversed. On Aug. 20, SLV confirmed a trend change from bear to bull with a breakaway gap through its bearish resistance line (major red dash line from the upper left of the chart).

Our initial trading target at $33 has been accomplished, but SLV is still going strong, gapping higher on Thursday. And it could issue another very bullish signal — the “golden cross,” where the 50-day moving average crosses the 200-day moving average.

Buy SLV for long-term appreciation and as a portfolio hedge.

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At the time of this writing, Sam Collins owned shares of SLV.

Source URL: http://investorplace.com/2012/09/trade-of-the-day-ishares-silver-trust-nyse-slv-8/
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