Silver heading to 25

I’m using SLV as a proxy for Silver… SLV is down huge on above average volume when the overall trading volume is fairly low…

· 50% Fibonacci retracement for the run from early 2009 to the May 2011 peak is around $25

· 25 is a nice round number to anchor psychologically

· next major support is also at 25

Link fest – Will the ECB backdoor bailout work?

How big could the Sarko trade go? (FT Alphaville)

It is finally being recognized that the eurozone made a major policy breakthrough (Marginal Revolution)

ECB backdoor bailout? (Business Insider, Modeled Behaviour)

Why ECB lending won’t solve the euro crisis (Felix Salmon)

Banks resist European pressure to buy government debt (IFRE)