Buy Silver on a Pullback for 16% Gains

by Sam Collins | August 19, 2013 6:56 am

iShares Silver Trust (SLV[1]) — This exchange-traded fund (ETF) is intended to constitute a simple and cost-effective proxy for owning silver.

SLV has turned higher and broken through its 50-day moving average on a very bullish breakaway gap. However, it is currently overextended near term and subject to profit-taking.

Buy SLV at $21.50 or lower for a trade to $25. Investors with long-term objectives could buy SLV now with a target of $30-plus.

SLV Chart
Click to Enlarge

Chart Key[2]

  1. SLV:
  2. [Image]:

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