Loading ...Andrew Maguire Warns The Price Of Silver Is Set To Skyrocket In A Massive Short Squeeze
July 03, 2015
Andrew Maguire Warns The Price Of Silver Is Set To Skyrocket In A Massive Short Squeeze
Today London metals trader Andrew Maguire told King World News that the price of silver is set to skyrocket in a massive short squeeze!
Andrew Maguire: “Silver is the big story at this time. And it gives away what the same market-making bullion banks are up to in gold. In almost 40 years of trading I have never seen such a bullish set up in silver….
“We will look back (and marvel) at this unprecedented inflection point. Since we’ve started the year, open interest in both gold and silver have increased while prices have declined. Silver is the primary focus because it involves the same actors in a much smaller market and the footprints are much easier to read.
The Same Entities Who Were Naked Long Silver At $49 Are Now Record Short
Silver started the year at around $16.50 and had an open interest of around 150,000 contracts. Last Friday silver closed at $15.76, with an open interest of around 200,000 contracts. That’s a 50,000 increase in open interest. This evidences a large short position that’s been built up since we ended 2014. The only question that remains is: Who holds this short position?
We can clearly see that the swap dealers, who crafted and setup the building of this short position, have successfully transferred it to the managed money or hot money funds. These managed funds are naked short for the first time since last October. This is an unprecedented and historic short position held by these same naked short specs who were naked long 50,000 contracts less at $49 silver.
These Weak Hands Are Now Exposed To A Massive Short Squeeze In Silver
So these same weak hands are now exponentially more exposed to a short squeeze than they were ever exposed to a long rinse (at $49 silver). And I’m quite sure that the primary bullion banks — the producer merchants who hedge silver — have successfully built a large inventory of discounted silver and are poised to pull the trigger on higher prices now that the naked short open interest has reached unsustainable and historic levels.”