Manic Miners

Well hello again.

Service as normal at Screwtape is being resumed after the emotional highs and lows of last week. By 'normal', I do of course mean 'technical analysis and philosophical discussion of precious metals as presented by five prosimians who like to use metaphors such as crème-de-menthe-drinking dung beetles'. So jolly well normal, in other words. And there'll definitely be no more underhand side-swipes or bitchy remarks aimed at the silverogosphere and its noble hosts.

In Like a Lion and Out Like a Lamb: Silver

[UPDATE: THE GOLD VERSION OF THIS POST IS AVAILABLE HERE.]

Yesterday I noted that the markets (PM and non-PM) in March had behaved much like the old English proverb about the weather in that month: "In like a lion and out like a lamb". Gold closed on 1st March at $1725 and silver at $35.50, before they cratered later in the month to $1625 and $31.25, respectively, and then climbed back to close the month at a timid $1668 and $32.28.

Yesterday's post dealt exclusively with gold and its miners, and I concluded that the outlook for both - from a technical analysis standpoint - was very bullish for April. Today I'll take a look at silver. Will the grey metal follow its bigger, yellow sister to cheer up all the silver bugs?


Let's kick off with the daily chart, which, as with gold, is exhibiting quite a fine inverse head and shoulders formation that looks like its due for either confirmation or failure any day now.