After the recent bullish advance in the gold and silver markets, one analyst asks a fascinating question: Could the price of silver really be set to surge 214% in just 8 months?
Analyst David P. out of Europe: “Finally, some extremely good news for silver investors. The MACD-indicator on the silver chart has recently turned to a buy signal for the first time since late 2011 (see 28-year chart below):
MACD Turns Bullish On Silver For The First Time Since 2011!
Analyst David P. continues: “This is the first time ever the MACD has crossed into a buy signal from such oversold levels. Silver was incredibly oversold in June 1982 (not shown on chart), but the MACD shows a much more oversold condition today — i.e more upside potential from a technical perspective.
After the low in silver in June of 1982, silver proceeded to rally a jaw-dropping 214% in just 8 months! A similar move today would take the price of silver close to $40 in just 8 months! Also, notice how low this indicator is despite recent strength in silver. It would take an enormous rally in the price of silver just to get this indicator back near the zero line.
It is important to have the above historic move in mind when looking at gold and silver. I not only see that scenario as possible, I see it as probable based on the extremely oversold condition and the powerful fundamentals. The buy-signal is in place in silver, now let’s see what happens.”
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