$silver’s price spikes over the last 20 years…
I thought it might be useful to look back to the price spikes in 2003, 2006 and 2010 to get some ideas about how this price spike might play out. Yes, the fundamental backdrop is a bit different, so this is merely a technical exercise.
The main observation I can make is that the prior spikes in ’03, ’06 and ’10 were rallies that, at least arguably, lasted about 7-8 months each. I am measuring the moves based on the start of the expansion of the daily bollinger bands (200,2) to price peaks. Using that same logic (and it could certainly be faulty), we are only 1 month into this rally. One thing to note, this current spike looks to be the fastest/steepest ascent of all of them. You might have to go back to the 1970’s to find something more analogous. FWIW.
That’s really useful. Thanks Nautilus. All these little pieces of evidence help us to build the big picture.
85 degree angle of ascent, and steepest of all 3 surges in 20 years.
Calling Pedro.