I know, famous last words.  And with gold at nosebleed levels in terms of momentum, conventional wisdom has been that silver should correct even harder.

I suppose I would start to be a bit concerned about my thesis if silver drops meaningfully below the 50 week EMA, which is currently at $29.70, even intraweek.  Short of that, I am going to remain in the ultrabullish camp until silver at least meets or exceeds $50 this year, at which point we should get a very large and lengthy correction.

If I wasn’t a HL shareholder, I probably wouldn’t even be making this post.  But the dang thing is down over 13% today and is still plumbing the lows into the close.  I’m not even sure why it’s down so much, which is the frustrating part.  (News about Keno Hill?  Forward guidance?)  That strongly suggests follow through to the downside next week.  Yippee.