Loading ...James Mc just in with some timely input…
Rumbling elephants back at it
Bill,
Yesterday:
“The last 3 months have signaled a big change behind the scenes. We await the next rumbling of the Crimex elephants.” (END)
We didn’t have to wait long for that rumbling. The snapback rally in silver, which for the past 7 years was unheard of, is now becoming routine trading. Also becoming routine is the relentless recapturing of big round numbers, in this case $1500 and $17.
We’re slowly but surely inching closer to another major breakout. These support levels are getting harder and harder to break down. This time around any rate cuts and QE will be MUCH friendlier than in the past. As they say there’s been a lot of water flow under this cartel bridge, and it is filled with gold dust from an eternity of suppression schemes.
The precious metals derivatives are acting like physical is on fumes. Whether it is partially Deutsche related, or otherwise, the fact is buyers are increasingly getting aggressive, and why not? These prices will look cheap after $1550 and $17.60 are convincingly taken out. Labor Day is less than 2 weeks away and that typically kicks off a seasonally bullish time. There would be no better kickoff to the season than to have Sep. silver option expiration go off well north of $17 a week from today. One thing for sure is the “malevolent force” we’ve come to know and loathe is currently getting met head on by a benevolent force- whoever the hell that may be.
James Mc
Terrific input by James, as always.
Couldn’t agree more that $1550 and $17.60 are going to look cheap before the end of the year, which is why this commentary from another financial big shot stands out:
Buy Gold ‘At Any Level,’ Mobius Says as Central Bankers Ease
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As always, from my position, the surprise is going to be how far and how fast gold and silver move to the upside.
Back to silver. Today’s strength in silver most unusual, especially following the new buying yesterday on the dip. Silver is now close to blowing through pivotal $17.20. Our good friends James Turk and J Johnson have been talking about option activity in the silver market, which might be particularly bullish, rather than bearish as it has been for so many years.
As James Mc noted, the September silver option expiration is a week from today. Both of our friends have speculated about the potential possibility of a silver price surge due to the option writers being forced to cover rather than rake in the premium dough as they ALWAYS do.
Virtually no one in the precious metals world is looking for such an occurrence. What a sight that would be if it kicks in. Generally, for this to be the case, it has to involve some very strong hands that will be buying up all the physical silver they can over the coming days. The physical market needs to be as strong as can be to force the JPM crowd to retreat or cover some positions. Fingers crossed!
The gold/silver ratio fell to 87.75.
Ipso-Buygold-Oro–Good stuff from Murph tonight=Labor Day is less than 2 weeks away and that typically kicks off a seasonally bullish time
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