Friday, May 6, 2011

Silver Enters Bear Market

That didn't take long.  After nearly doubling from $27 to $49.82 in just three  months, silver is down 24% over the last four days, officially putting it in bear market (-20%+) territory.  As shown below, silver has finally broken below its 50-day moving average today.

And don't look now, but oil is down to $105 as of this morning, putting it below its 50-day moving average as well.  Oil is now down 8.2% from its high of $114.83 seen on Monday.

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