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.

08 19 13 silver 300x189 Buy Silver on a Pullback for 16% Gains
Click to Enlarge

chart key 300x84 Buy Silver on a Pullback for 16% Gains[2]

Endnotes:
  1. SLV: http://studio-5.financialcontent.com/investplace/quote?Symbol=SLV
  2. [Image]: http://investorplace.com/wp-content/uploads/2013/05/chart-key.gif

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