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I guess I should copy and paste everything from seven days ago or last Tuesday, because the theme is the same. Coming off a nice up day we seen the market consolidate it's gains through time. It was still an up day today (barely), but on the daily chart (chart above) it has encountered a single candle sideways move and this is very bullish for silver. Therefore, i'm going to make it short and sweet today and the video below (made at lunch time today) talks about the debt ceiling, gold to silver ratio and the market on the daily chart
The National Debt is getting very close to the debt ceiling, which is shown on the chart above. It kind of annoys me to watch mainstream media talk about issues like "Can we pay off this debt", "Can the debt get under control" when in reality debt is 100% guaranteed on simple math of how money is created. If $100 was all that was in existence in a small world and John wanted to borrow $20 from me, I could say "Sure John, at 10% interest, I will do so." After one year John pays me back $21 and now $101 is in existence without the creation of money. $1 of that money is debt that someone owes and the cycle would keep growing larger and larger. If you want to know more on how money is created, the three videos I recommend can be found with the following google searches:
MONEY AS DEBT
ZEITGEIST FEDERAL RESERVE
AMERICAN DREAM CARTOON
- Big Moves in a short time.
I recieved a comment a week ago that said from a user "We should see $45.00 US by the first week in March 2011." which had a reply back from a user today stating - "I think that's an overestimation. Remember silver doesn't go straight up, and can just as easily drop again after hitting some new ceiling. $35~38 would be more accurate in my opinion."
$45 from the level of one week ago would be a gain of $17.00 on $28.00. That is about 60% for a relatively short period of time. The comment given back was for us to REMEMBER that silver doesn't go straight up, and I am here to proove that it can.