by Stefan Gleason
With silver breaking out decisively to the upside, bears are running for cover.
We had noted in our July 13th News Alert, “We are paying especially close attention to the bull vs. bear tug-of-war in the silver market around $19/oz. If the bulls yank prices decisively above that level on a strong close, short covering by capitulating bears could help drive a powerful breakout rally.”
That’s exactly what happened. The rally really accelerated once the $20/level was taken out last Monday. The bears have capitulated big time!
Also being forced to re-think their positions are gold-only bulls within the precious metals camp. Although they represent a minority viewpoint, some stubbornly cling to the view that only gold is sound money. They view silver as an industrial metal and tend to shun it as an investment.