That has emboldened the longs who are pushing and attempting to now take out the last refuge of the shorts here. A strong push through $36.50 sets the market up for a run towards $40 with initial resistance standing near $37.20 - $37.30.
If the market is going to break out it needs to hold $36 on any possible setback in price now that it has cleared that level.
No worries. Brian Flanagan and/or Kid Dynamite will be here as soon as school gets out to deny that any problems exist in silver supply or that any shorts needed to cover.
ReplyDeleteStill would like to see Gold clear out 1430 and Oil take out 104
ReplyDeleteIs that a gap in the 34.40 - 34.50 range? Silver has this nasty habit on coming back to fill its gaps - if you subscribe to "gap theory"
ReplyDeleteJack, you haven't read their comments properly. They're both long silver. They (and I, among others) don't believe in the break-the-Comex fairy tale that keeps being retold. Fundamentals will ultimately rule the day. Silver and gold will continue to appreciate in dollar terms, until the dollar is finally dead, and a new currency is created. The Comex default is a red herring.
ReplyDeleteI couldn't get silver Maple Leafs for a month, and then I got lucky because they got a few in and I gobbled them up at the right time. They may still not have them. Based on my direct experience there are serious silver shortages.
ReplyDeleteSilver, silver, silver. To where did gold suddenly disappear? I guess there are more gentlemen about than kings.
ReplyDeleteSilver is more speculative than gold, people see opportunities there... I certainly do. I bought physical silver when the ratio to gold was about 50 to 1, it is now a little over 39 to 1. When that ratio gets to 40 or less, I start trading some AG for AU, it's like getting a discount on gold.
ReplyDeleteWith 36.50 silver, gold should be at 1825 at minimum by now, using the 50:1 ratio. It probably would be if the gold market wasn't so managed by MOPE.
ReplyDeleteThe ratio of annual silver mined to gold mined is 9 to 1. That is one ratio to look for. The ratio of above ground refined gold to above ground refined silver is 1 to 5. That means available silver is 5 times as rare as gold right now. 50:1 ratio is way too high.
ReplyDeleteabove 36 will not hold (for a while at least) because Blythe can willy-nilly (as she has repeatedly done) force a 50-cent to 1-dollar drop anytime, and when this happens there is usually turmoil and fear in the pits (which creates more sell-off) before the troops regroup, rally and try another half-hearted attempt to take the hill.
ReplyDelete