Silver Study and Goldman Sachs

We remain long-term very bearish on gold and silver.

The breaking point may be imminent. 

A 5-year chart of the silver ETF, SLV, is below.  Below the long-term uptrend, shown in red, and especially below $25, the silver bull that ended in May of 2011 will be over by the reckoning of anyone balanced. 

When the most stubborn bulls finally give up their wild conspiracy theories and doomsday fantasies and sell, it'll get ugly indeed.  Above the green line, especially above $35, we'd have to be bullish for awhile. 

 

 

The chart above is of ZSL, a double-short silver ETF.  Above $54, the green line, is a probable break-out point.

The chart below is GS.  We've been long-time fans of the stock, and have done well with it per this blog.  It also serves as an excellent market barometer, as we've shown repeatedly herein, so market bulls should view this with serious concern. 

With the green lines in the chart above we illustrate a massive "rising wedge" pattern which should soon break down.  Upside momentum measures for Goldman Sachs are currently at decade-long extremes.  Probably it'll meet the black uptrend later this year. 

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