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Resilient silver”- how weird is THAT?
Bill,
When talking about silver the past 8 years the one description you would have never considered is “resilient.” That, however, is the perfect description for the silver market in 2019. Yesterday’s selloff could have provoked further selling, and the usual “consolidation” pattern. Instead silver immediately roared back and is now nearer to its recent highs. Impressive too that it’s not only happening on a Friday, but on Sep silver first notice day, and a Friday ahead of a long holiday weekend. Call sellers still buying their way out? Short sellers with no stomach for a 3 day weekend? Short sellers scrambling to not be obligated to deliver physical? All three? Whatever it is there is MAJOR cartel rule violation going on. The fact of the matter is if the cartel could be preventing this unruliness from occurring they would damn well be doing it.
You have often said in the past, “where there’s smoke, there’s fire”. Silver is giving off billowing clouds of smoke right now. Today’s silver volume is way on the light side, less than 70k as of 10:45 am. In light trading environments like this the cartel has always pushed silver around anyway they saw fit. Today should have been the classic coma routine. Maybe Hurricane Dorian’s threat to Florida is an apt metaphor for the short seller’s plight on this 3 day weekend.
If next week shapes up to be the kickoff to the bullish precious metal season the cartel will need to deploy their cannons to stop it. Possible, but as of late their appetite for destruction has greatly dimmed. Tea leaves say the cartel retreat should continue, with increasing unruliness and volatility.
From Mufrph tonight=If next week shapes up to be the kickoff to the bullish precious metal season the cartel will need to deploy their cannons to stop it
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