Loading ...SILVER-!!!!!!!!!!! FROM Murph last nite:
James Mc with an encore…
Funny thing. Silver is currently at $15.68, the RSI is at 26, the MACD is at -0.127, and the OI is at 203K as of yesterday. The last time silver was this deeply oversold was back on July 10th.
On July 10 silver closed at $15.68, the RSI was at 26, the MACD was at -0.127, and the OI was at 207,952. Will today’s sell pressure add another 4k OI to silver, making its OI also identical to 7/10?
Those are pretty huge coincidences. FYI July 10 was the absolute bottom, and from there silver rallied all the way back to $18.37 in fairly short order.
Maybe this time it will be BIG time different in terms of rally strength?
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Silver is as bizarro as I have ever seen. If the COT is to be believed the spec shorts are POURING in on the short side down here below $16. This is of course would normally be considered wildly bullish. Silver OI is now back approaching record highs- 200K+ – with silver at $15.70! WTF??? A billion ounce short position with the technicals as deeply oversold as they’ve been in a long time. Who could possibly be THAT dumb? I’m back to I’d rather stick my hand down inside a bee hive than short silver at these levels. Yet here we are, another +4K OI just yesterday alone. For the life of me I can’t figure out the HUGE interest in a commodity that has done nothing but stink up the joint for 6+ years, unless, unless, …… it’s all about to blow up. There’s no other explanation that fits the bill IMO.
It’s not hard to imagine silver trading one day very similar to Bitcoin. If those 200K (mostly naked?) silver shorts ever experience force majeure on a billion ounces of silver it would be Bitcoin X 5. Funny how Bitcoin has went to such effort to visually imply a gold standard. The image of a Bitcoin looks very Gold-Eagle-ish, and they even use the term “mining”, and other words reminiscent of talking about the REAL STUFF. Maybe the real stuff is getting ready to outshine the computer- generated image, and its computer-generated creation.
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