I've been eyeing to increase my silver holdings for awhile now but I've been waiting patiently for the price of silver to drop. Alas, when it finally did start to correct on the 12th of Nov, I didn't have the spare funds to inject. On the 16th of Nov, a rather bullish doji appeared, appearing to signal a change to the selloff and the start of the rebound. Again I didn't have the funds to inject into my silver account. Today, when the price has rebounded strongly upwards, supported by the 14 day moving average, back to where it was before the correction, my funds to inject are finally available.
What a waste of an opportunity! *lament lament* Or is it?
The demand for silver is still there with the uptrend clearly intact. What's uncertain though is that most of the previous corrections last for at least 2-3 weeks, some more than a month. This recent upturn happened after only after 1 short week. So there's a chance that the correction hasn't played out fully. If this is the whole correction however, and not just a lame rebound, it's a rather short correction, proving that there's still ample demand for the shiny metal.
Lets see what happens tomorrow and next week.
Hopefully we'll get our chance!
~K
Note:
Not vested in iShares Silver ETF. I'm using the iShares Silver ETF as a reference as there isn't any chart plotting silver price in S$ in ChartNexus software. Nonetheless, this is accurate enough for me.
