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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Gasivs Buttox
Jul 28, 2020 - 12:14am

If I'm not mistaken, the 10yr

jumped above 60 before the sudden descent in silver. Doesn't really matter because it was very close and we couldn't trade anything anyhow.

Jul 28, 2020 - 12:11am

YCCLOL

And in a stunning development, I see that the 10-year yield is above 60 bp and back into the 60-75 bp range.

eastofwest
Jul 28, 2020 - 12:10am

Once they start ...

You can guess they are not done ...

MickeyTF
Jul 28, 2020 - 12:09am

142k futes contracts open tonight

77,000 options open -

about 3000 of which are between 1940 and 1970

Gasivs Buttox
Jul 28, 2020 - 12:06am

I'm ready for anything because I remember

During the last silver rush, I stopped buying when it jumped past $42. It seemed everyone was absolutely certain that $60 was imminent... hell, it might even go all the way to $100, they said.

When it approached $50 I was ready to kick myself in the ass for missing a 'golden' opportunity.

But then, we all know what happened next. We were back into the 30s in no time. Mike Maloney backed up the truck at $31... said he was all in and that $50 was more likely than a descent through $30. Then it was $29 and $25 and then around $22, Turd offered to eat his hat if it went lower. He ate his hat.

I'm not saying it'll happen this time... I'm just saying that I'm ready for anything.

whiteclw57
Jul 28, 2020 - 12:06am

Looking over my shoulder for days...

Been looking over my shoulder for a pullback since my portfolio began looking like it needed to be plotted on a log chart (thanks to Craig and Eric)....

ReachWest
Jul 28, 2020 - 12:04am

Steroids

This market seems to be on steroids. I'm gonna bet that this smash is recovered 'plus' by tomorrow mid day.

Jul 28, 2020 - 12:03am

Given the time of day and lack of news

No doubt this was a Bank action. Recall that I promised you volatility in BOTH directions this week.

Watch to see (expect) another smash during London hours and then we'll see where we are in the morning.

eyeswideopen
Jul 28, 2020 - 12:02am

A little perspective

Just pull up a 4 hr chart.

I think I'll stay up for awhile

surfeitndearth
Jul 27, 2020 - 11:52pm

Again...

South Park - Stan's deposit, and it's gone

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