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Interesting: Sentiment Speaks: Silver Is Heading To $1,000

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Summary

Price action in 2016.

Anecdotal and other sentiment indications.

Price pattern sentiment indications and upcoming expectations.

Price Action in 2016

As we expected back in early 2015, silver found a bottom at our long term bottoming target, and began the rally within which we now find ourselves. While today's pullback in silver has taken us a little deeper than our initial expectation from weeks ago, I still believe we are only setting up for higher levels later this year.

Anecdotal and Other Sentiment Indications

Earlier this week, I shocked a number of people by reiterating my call for a massive long term bull market in the HUI and gold. But, I think it was more shocking when I first made this call in mid-2015, half a year before we bottomed. In fact, one of the commenters to that article reminded me about our perspective as we came into 2015, and we were setting up for the bull market:

I was also alarmed when you stated that the downturn had not been completed yet and you saw the HUI bottoming in the 100-125 range... at the time the HUI was at 165 and I thought the prospects of us going down ANOTHER 40 percent were unfathomable, as I was trying (hoping really) to see a bottom at the 145 level from the previous November... the idea that we could go down again and by that much... needless to say, I couldn't believe it... well, although the HUI eventually got down to the 101- level (intraday), we had a closing low on January 19 of this year at 100.7 (intraday 99.19). Hey, you said that we would see a bottom in 2015 on the HUI at 100-124.. and yes, it was January 19, 2016... but I will give you credit for call with the 19 days spillage into 2016.

You see, when I made this call, it was not based upon anything most other analysts focus upon. My perspective was not based upon what the Fed was doing. My perspective was not based upon what Congress was doing. My perspective was not based upon world events. Too many have been badly whipsawed all too often using those factors to divine the direction of the metals. Mine was simply a call based upon Fibonacci mathematical vibrations within the overall market patterns, which track market sentiment. Nothing more, and nothing less. My entire focus is human nature, and how humans react en masse within financial markets. And, yes, as a society, we are relatively predictable, despite what one may believe.

Article written by: Avi Gilburt