Silver Rally In Earnest
SLV has taken a beating since peaking at $48. Yesterday's trading brought price to $21.96 before mounting a comeback and is up 4 1/2% in just two days. The overshoot of the 61.8% retracement level has been meaningful, so the discount for buyers is very good indeed. GLD has been racing higher since making it's low on April 15th.
What say ye fools? Are we staring at the bottom of the silver market? It looks like it to me.