Nervous Bulls Energize Silver [By: Rick Ackerman 25 April, 2011]

Bullion quotes continue to ratchet higher, even as silver bulls (of all people!) warn that the rally has come too far, too fast. Ahh, there’s that old wall of worry  What could be more encouraging to long-term investors?  For it is only when silver’s most ardent supporters become cocksure, loading up aggressively for the next supposedly inevitable rally, that the trend will perhaps be in jeopardy – and then presumably only fleetingly.  For now, though, we need to remind ourselves that great bull markets are supposed to scare hell out of bulls and bears alike — just as this one has been doing since last autumn.  Check out the amazing spike in Silver’s weekly chart below.  While we wouldn’t attempt to argue that its parabolic pitch can be sustained indefinitely, we suspect that, no matter how ferocious the inevitable corrections yet to come,  they will look relatively innocuous years from now. For it is only at that point that we will be able to see them in the context of a long-term bull market that will have achieved heights as yet unimagined by most investors.

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