Comex Silver Hits $26

87
Mon, Jul 27, 2020 - 11:03pm

Another significant milestone has been reached.

First, it was Comex gold that filled the gap back to April 2013. Then it was GDX. We knew that GDXJ would come next and then the only hurdle would be Comex silver. As of tonight, it has finally happened....Comex Digital Silver got back above $26.

More tomorrow,

TF

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robobrewersilverseeker
Jul 28, 2020 - 8:10am

RE: Good questions Silverseeker:

I assume the banks will more or less stick together until one of them breaks from the short squeeze. We simply cannot forget about them or underestimate their ability to manipulate the markets.

I too am excited to see how today's session plays out and I am ready to dive into the thick of things for a new SLV call investment.

We precious metals investors reside in our own little bubble and it is filled with grandstanding cheerleaders hyping like carnival barkers.

The banks are too strong to allow ourselves to be played by the blabbermouths.

ancient Egyptian...ex-canary
Jul 28, 2020 - 7:59am

pc.... thanks

I've seen that criminal hunt for the "long sell stops" for 12 years...Over and over....Hope this avalanche of selling will be only partial. If we bounce from the former height price ($1920), this bull should get only stronger.

How the Asians, who were buying last night, feel now...after the banking mobsters morning theft?

Alex777pc
Jul 28, 2020 - 7:57am

Bank Smash strategy

The big question i guess is how many shorts have been covered this week and to how many more needs to be covered?

Chris Vermeulan states that the Banks will need up to 130 trading days to cover their short positions

4 oz
Jul 28, 2020 - 7:53am

C'mon~~~~

It is C O T Tuesday......and Option Expiry......and FDN is what Thursday? These dynamics always suck the life out of PM's. Coming into this week was fully expecting sideways to down action this week at best. Can't cry over $1925 GOLD and $23 SILVER......

July has been SPECTACULAR!

mrcicTF
Jul 28, 2020 - 7:50am

Santa

Recall years ago Jim Sinclair saying that we would see volatility that would light your hair on fire. More to come apparently...

Welcome to the new normal.

Mitchpc
Jul 28, 2020 - 7:37am

Omg I hate them even more!!!

Omg I hate them even more!!!

Thanks for the explanation - it cleared up many questions.

pcMitch
Jul 28, 2020 - 7:28am

Bank smash strategy

They are trying to harvest the sell stops below the current price. The game is as follows: They slam the bid-stack with a concentrated pulse of selling, which removes all bids around current price. The price then moves lower to fill the next bids in line, and at some point we hit the sell stops of the longs. These are then triggered, generating more selling. And when a long sells because of a stop signal, the opposing short side, a bank, gets closed one of their shorts. If done correctly, they can get a large number of short contracts closed in this way, with a small investment of new shorts. It is a cost-benefit calculation, which I am sure they have computers running constantly. The rumour is that the bullion banks has access to the bid-offer stack from LBMA and Comex, which should make it easy to determine the optimal time for an attack.

MitchBenitho
Jul 28, 2020 - 7:19am

Hhhmmm but if the banks

Hhhmmm but if the banks already have difficulty making physical delivery wouldn't this add additional pressure?

BenithoMitch
Jul 28, 2020 - 7:10am

@Teresa

Nothing, if you have a smooth 120.000 USD lying around...

silverseekerrobobrewer
Jul 28, 2020 - 7:06am

Banks still together?

Today’s Comex session will be fun to watch. London just shorted a large tonnage of Silver. Will Comex follow through and pile on more shorts here... or quietly accumulate into expiry?

Goldman took 10 million ounces off JPM last month. Maybe they’ll both take a stab and trap the London boys short right at expiry... Turncoats; lol.

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