Loading ...Sir…I must admit the fundamental backdrop just improved considerably with the extreme left win in Mexico that will quite possibly put all the metals (especially silver) producers out of business in the next few years…however in the meantime the machines still run the show.
And contrary to precious metal pundit bull-horning (these guys make a lot of money selling perma-bullish drivel)…and with ETF gamblers never more bullish in the betting parlors…which is the true measure of sentiment…and the COTS still neutral…yes…I’m afraid the reality of the situation still points down.
What’s more, with margin debt at all time highs, we still have that initial six-months of illiquidity to deal with when ‘the players’ must puke up their positions.
I know you don’t want to hear that…but it’s the hard truth.
Cheers