Adam Hamilton: New Silver Upleg
Let’s start with silver itself, rendered in blue here and slaved to the right axis. In the context of its broader secular bull, the recent 31.9% rally in 2.7 months doesn’t even stand out. In the final month alone leading into its last upleg’s top in April 2011, silver saw a similar gain in far less time. But that surge happened from highs as greed waxed extreme, the polar-opposite sentiment environment from last summer’s lows.
Over 8.5 months climaxing in mid-May 2006, silver blasted 124.0% higher in this bull’s second major upleg! Then once again after being bathed in such greed and euphoria, silver corrected and consolidated for well over a year. Finally in the summer of 2007 silver sentiment was bad enough to spawn its third major upleg, which crested at an 80.5% gain 6.5 months later in early March 2008.
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September 21, 2012 (Source: Zeal Speculation and Investment)