Chart Of The Day: Silver Miners Finally Getting The O.K.?

The Silver Miners seem to be shining here on the weekly charts with an upside breakout of resistance.

Taking a look Friday at the new high list, it was filled with some choices you should find interesting. Bonds in all sizes and rife with Gold and Silver miners. As mentioned by Gartman on CNBC, the silver/gold ratio matters and when it is at a high, that is good for silver.

Here is a look at some possible targets for the beaten down miners, looking at some Fibonacci retracements from their all time highs.

The Global X Silver Miners ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Silver Miners Total Return Index. The Solactive Global Silver Miners Index is designed to reflect the performance of the silver mining industry.

It is comprised of selected companies globally that are actively engaged in some aspect of the silver mining industry, such as silver mining, refining,or exploration.

The Point and Figure Chart likes the mid. 50's, as it does the 50% retracement. Be sure to see the Silver Miner's chart at the bottom of our post.

Click it to enlarge.

After being at a decade long low, the Silver/S&P Ratio Chart's suggest an upward move. When this ratio of Silver is Low, S&P is at Highs. Below is the long term Gold/Silver ratio chart.

Captain John Charts