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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Mitch
Jul 28, 2020 - 7:03am

Shorting then buying physical at low price

Would the banks not have to be cognizant of shorting the price too low? What's to stop someone from buying at a low price and then wanting delivery?

robobrewerAgstAger
Jul 28, 2020 - 6:22am

I suspect overnight is the softening up

The serious smash will be around the usual time when the COMEX can join in the fun with the London goons.

AgstAger
Jul 28, 2020 - 6:02am

15 minute chart

In both gold and silver look great to me. So far, so good. They have a lot more work to do if they want to succeed. And they'd better step up to the plate because if they don't, this little effort is going to look ineffectual and may even embolden the bull.

pc
Jul 28, 2020 - 5:56am

A good reminder

Today has been a good reminder, that if you want to play the silver game, you must be able to withstand rapid +/- 15% swings.

robobrewerpc
Jul 28, 2020 - 5:55am

RE: What the Banks want

Well, we certainly know they don't want PM prices to go up!

I don't understand why they are futilely writing shorts. It seems crazy and doomed to me.

My only conclusion is that the banks are counting on a bailout to reimburse them for their hopeless short squeeze.

Perhaps they can't get the silver spot below $21. We will find out shortly. I won't underestimate them though until they have gone the way of Bear Sterns.

pcrobobrewer
Jul 28, 2020 - 5:24am

What they want to do and what

What they want to do and what they have the ability to do is not the same thing. It is not without danger for them to start a large number of new short contracts at this time. Which bank wants to take one for the team, if JPM has abandoned ship and gone long?

robobrewer
Jul 28, 2020 - 5:05am

So, what's the smash target for the Cartel?

I'm still thinking they want it below $21 and I assume it needs to be below their target price at the COMEX close?

climbthathill
Jul 28, 2020 - 4:15am

Smash happy

Just look where the smash has brought the price down to and then look back a week... We would have been thrilled to see these prices.

pc
Jul 28, 2020 - 3:47am

Some good dip buying opportunities

I have CFD buy-orders at 23.00, 22.50 and 21.10. The two first got executed :-)

According to Oliver we should expect a pull-back this week, but it will be brief - then onto 30+ (he raised his target this week from upper 20's to into the 30's before Q3 is over). He has a pretty high credibility with me, since he predicted we would see 25+ in the beginning of this week, and he was spot on.

EarlGrey
Jul 28, 2020 - 3:40am

Ouch..

Here comes the hammer..

silver down 9%

gold down 1.6%

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