Comex Silver and Reddit

Please read this free public post today.

Fri, Jan 29, 2021 - 11:04am

The Reddit-driven fun continues today with no end in sight as of this moment. Can our new friends continue this momentum into next week and, if they do, what might be some targets to watch?

More on that in a minute. First, let's just take stock of where we are as I type. Comex gold is up 1.3% but, more importantly, Comex silver is up 5.4% and pushing toward $28. The shares are rolling again, too, with some of the most heavily-shorted like First Majestic jumping higher again.

And this is awesome! Again, though I'm not sure much can be done to harm The Banks through buying at the Comex level, there certainly exists the possibility that enough of a move in price could spark some additional momentum...which would lead to some additional pain for The Banks...which could lead to some additional momentum...which might lead to some Bank short covering...which could lead to some additional momentum....and if this continues long enough, we might do some real damage.

This is far more possible/likely in Comex silver as The Banks have the additional backing of the BIS et al in managing their gold positions. Silver? Not so much. So this sets us up for a very interesting day today, a possibly significant weekly close, and then who knows what might happen next week. This thing could brew and simmer and spread all weekend. However, before we get there, we're going to need a strong close TODAY. Can we get there?

Already, price was smashed lower after the NYSE open and before the London PM Fix. It has since recovered a little but be aware that The Forces of Darkness are OBVIOUSLY watching closely and will attempt to manage BOTH prices lower, if possible. Having The Reddit Horde jump prices higher at the open is great, but if they can't keep it going all day, then The Banks are just going to lean on price and rig it back lower...just as we saw in Comex gold yesterday.

OK, so back to Comex Digital Silver. As discussed yesterday, I don't think it's likely that a grass roots level buying of Comex contracts is going to be successful in squeezing The Banks. However, if TRH (my new acronym for The Reddit Horde) is PERSISTENT and PATIENT enough, they may be able to set off a virtuous cycle of higher momentum that eventually gets price feeding on itself.

What do I mean? Well, the first step is to close above $27.30 on a weekly basis. This seems possible today. However, if price can close above $28.04, then we'll have the highest weekly close IN EIGHT YEARS. This would be a significant event to the crowd of Large Specs and hedge funds that typically trade Comex silver futures. But let's not get ahead of ourselves. The first goal for today is that $27.30 level. Can we paint the weekly close above that level?

And again, here's a refresher that was featured prominently in this year's macrocast. As you can see below, once the price of Comex silver begins with a "3" again, it likely moves up fairly quickly. When you factor in some possible Bank short-squeezing, you can see where this could get pretty interesting in the weeks ahead if TRH can remain interested for a while.

Where TRH can be even more effective is in getting revenge upon the predatory short sellers that have plagued our sector for years. We've long supported the Save Canadian Mining initiative but since the Canadian government couldn't care less about the health of their most important industry, maybe we can just crush the shorts the old fashioned way?

It's going to take some work because it's a long list of companies that have been hampered by these degenerates. However, we'll take it one day at a time and try to keep the pressure on. For example, First Majestic was again reversed today at $19.00, which is the old 2016 high. If enough pressure can be applied consistently over the next week, price could easily break into the 20s and soar past the old 2011 all-time highs. Above there, the pressure on the sniveling little cokehounds will increase exponentially.

And just one more note about our Bullion Bank foes and their Comex. As you know, the Feb21 Comex gold contract went off the board and into "delivery" last night. As has been the case since last April, the total left open and standing is about 3-5X the long-term historical average as 33,327 contracts.

"Deliveries" began last evening and, already, nearly half the total has been "delivered". But be sure to note which firm was the big issuer (deliverer)...the House or proprietary account of Goldman. And the be sure to note the total....8,900 contracts! Well this is in CLEAR VIOLATION of the expanded position limit of 6,000 contracts! Once again, The Banks flaunt the rules because they can. The rules apply to you and I but not them. It's a private club and we're not in it.

Hey, @CFTC!
Save me the "bona fide hedging exemption" bullshit.
Here's the house (proprietary) account of Goldman Sachs issuing/delivering 8900 Feb21 gold contracts last night.
You caved and doubled the position limit to 6000. The Banks couldn't care less.
Why even have limits?

— TF Metals Report (@TFMetals) January 29, 2021

OK, I've got to stop here in order to record the Sprott Money weekly wrap-up. The guest this week will be silver expert David Morgan. Good timing, huh? As usual, I'll post the recorded audio into the comments section. As I close, I see that the pressure continues but price is, so far, hanging in there. Again, let's take it one day at a time and focus our goal today on $27.30. Closing above there will set the stage for an interesting early week next.

Have a great day.



About the Author

tfmetalsreport [at] gmail [dot] com ()


Jan 29, 2021 - 3:26pm


They are both listed under the stocks that you can make limited purchases of on robinhood.. a minuscule couple shares

Jan 29, 2021 - 3:26pm

To my young Brothers & Sisters at Reddit

Below is a post I made 15 hours ago behind a TFMR paywalled thread.

Please understand that what we are all living through today is the result of cumulative mismanagement (economically, politically & now even socially) which began in 1913.
Said "cumulative mismanagement" has been cleverly captured by the Oligarchs.

We are now living through a phenomenon known as "Crack up Boom."

Jan 28, 2021 - 10:45pm

Perspective - You Were Born in 1900

Imagine you were born in 1900.

Many would think that that was a pretty simple time of life.

Then on your 14th birthday, World War I starts, and ends on your 18th birthday.
22 million people perish in that war, including many of your friends who volunteered to defend freedom in Europe.

Later in the year, a Spanish Flu epidemic hits the planet and runs until your 20th birthday.
50 million people die from it in those two years. Yes, 50 million.

On your 29th birthday, the Great Depression begins. Unemployment hits 25%, the World GDP drops 27%. That runs until you are 38. The country nearly collapses along with the world economy. If you were lucky, you had a job that paid $300 a year, a dollar a day.

When you turn 39, World War II starts. You aren’t even over the hill yet, but don’t try to catch your breath. If you lived in London, England or most of continental Europe, bombing of your neighborhood, or invasion of your country by foreign soldiers along with their tank and artillery was a daily event. Thousands of Canadian young men joined the army to defend liberty with their lives. Between your 39th and 45th birthday, 75 million people perish in the war.

At 50, the Korean War starts. 5 million perish.

At 55 the Vietnam War begins and doesn’t end for 20 years.
4 million people perish in that conflict.

On your 62nd birthday there is the Cuban Missile Crisis, a tipping point in the Cold War. Life on our planet, as we know it, could have ended. Sensible leaders prevented that from happening.

In 2020, we have the COVID-19 pandemic. Thousands have died; it feels pretty dangerous; and it is.

Now think of everyone on the planet born in 1900. How do you think they survived all of the above?

When you were a kid in 1965 you didn’t think your 65-year-old grandparents understood how hard school was, and how mean that kid in your class was. Yet they survived through everything listed above.


Interesting how the tragedies began after the boy turned 13.

"The Federal Reserve Act was passed by the 63rd United States Congress and signed into law by President Woodrow Wilson on December 23, 1913. The law created the Federal Reserve System, the central banking system of the United States."

Jan 29, 2021 - 3:22pm

All over the country people

All over the country people have had enough. It is a realization that the system is a club and they are not in it.

This reddit thing is the first real movement I have seen to fight back. They're organized and this shit is for real. Otherwise CNBC/Wall St would not be so freaked out by them. If they were not a threat they would be ignored.

Once they are done with Gamestop they are coming to First Majestic. The posts I have read say as much. The movement to AG has already begun. The spike the last 48 hours was not all related to the Mexico tax news way. Not with the volume and afterhours movements I have witnessed. No. This is bigger than a news release.

Thing is, it is all over the web. Read the stocktwits AG's there too. The amount of posts is through the roof.

Once this AG part of the turn gets going, there will be restrictions on buying AG stock or taking out options. Bet on it. Gamestop's share count is large. Miners generally are not nearly as big. Gamestop to 450ish is nothing compared to the potential of the miners and the jumps they may have. If this gets going AG will go parabolic and separate from the price of silver which is the short nightmare do you control a finite amount of shares when the underlying product production is not the reason for the run up? Answer: you cant. Smashing silver will not stop the train if it gets going.

I firmly believe they are coming to AG after they are done with Gamestop and hell is coming with them. These fucking bankster bastard thieves are about to have a religious experience. Fuckers. My hatred for what they have done to my country, to my countrymen, to me personally is deep, just like that kid's post about his dad's concrete company.

We metal guys get it. We see the criminality of all of it.

Burn the fuckers down at their own game. Poetic fucking justice this is.

I know it is a big ask, but we at TFMR need to support these guys and buy AG now...THEN HOLD IT...even if it means selling other miners. That is what I have done.

This isnt trading not fit to give it...I admit I am emotional about this. Do your own dilegence, but I do recognize the potential of this and regarding AG stock it is huge.

For me and mine I am all in AG. Worst case I own a great silver company, run by a good guy and CEO.


Jan 29, 2021 - 3:21pm

Avg: I'm just glad that

piece of shit is out of the white house.

JH95: where does it say AG (first majestic) is banned?

Jan 29, 2021 - 3:12pm


This is war! We all know that these assets are not part of a pump and dump! They are killing our chance at profiting from something that everyone on this site has been preparing for for years! Physical is the way!

Jan 29, 2021 - 3:03pm

Robinhood protecting the millionaires....

from the deplorable's assault on their theifdom. SLV purchases limited to 5 shares on Robinhood. With each passing day the enemy of we the people is revealed to us. We know who you are - the antithesis of President Trump. We are not finished and we will prevail.

Jan 29, 2021 - 3:02pm

Something Andy Maguire mentioned:

Looks like he recorded the video before the Reddit raid on silver. He stated that there are not a lot of Spec longs for the Banks to smash.

Sadly, I'll bet there are quite a lot in silver now.

Jan 29, 2021 - 2:50pm


Precisely!! And it reflects a seething sentiment that many simply do not wish to, or cannot - understand... R. A. G. E.

... against the ignore-ance.

Tick, tock...

Jan 29, 2021 - 2:46pm

Guys we need to welcome the

Guys we need to welcome the reddit guys with open arms. We have the same foe.

That kid's post makes me get something in my eye

Jan 29, 2021 - 2:30pm

Hey!!! Don't forget

First Majestic and Great Panther.

Check their websites. Hope they are still selling's been a few years since I last looked...sigh.

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