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Silver About To Begin New Sustained Uptrend

Tuesday, December 7, 2010   FORBES-   By Robert Lenzner    

Silver prices reached the $30 price level yesterday, leading my main silver guru, Anathan Thangavel, Managing Director of Lakshmi Capital, to flatly predict “a new sustained uptrend.”
Thangavel flatly warns the big short interest in silver; its time to get out of the way or be slaughtered.

He reckons “managed money” accounts which keep recasting their long positions, will gain confidence at the $30 mark and load up.

We told you silver could spike to $40 or $50 on November 11– getting on to a month ago. After dipping to a fraction above $25 it has rallied strongly again along with gold as the markets react to Fed Chairman Bernanke suggesting QE3 may be needed.,

Guru Thangavel reports that the huge short interest in silver– unreported and ignored by all the print media including the WSJ and the Lex column of the FT, has not been at all covered.

In other words, sooner or later the banks, who are short silver, will have to do something about it. Meanwhile, the CFTC investigation into possible chicanery in the silver market continues in secret.

In short, silver looks to make new highs along with gold. We reckon you should consider position in SLV, the silver ETF, or SLW, Silver Wheaton or a precious metals mutual fund from US Resources.

GLD, the gold bullion ETF and GDX, the gold mining stock ETF, which rose twice the gain of gold itself, are due to keep making new highs.