Hoping To Be Wrong

64
Thu, Apr 6, 2017 - 10:48am

Who knows? Maybe tomorrow will come and go and Comex Digital Silver will simply continue higher toward new 2017 highs. Or maybe The Cartel Banks are simply playing their same old, tired game where they pull the rug out from under everyone after patiently flooding the "market" with new open interest, waiting for buying pressure to exhaust itself.

I mean, it's not as if we haven't seen this movie a million times. The Banks cap and cap while they wait for a news event that they can use to smash CDS in a waterfall of sell orders. Does it look to you like the same old scenario is playing out today? See below:

Yes, that's right...The Banks have now added over 24,000 contracts of open interest to "silver" in just the past seven trading sessions. That's an increase of 12.1% representing 120,000,000 ounces of virtual/synthetic/digital silver. How and why do they do this? Be sure to read this if you haven't already: https://www.tfmetalsreport.com/blog/8252/econ-101-silver-market-manipula...

And now total Comex silver OI is very near ALLTIME record highs at 222,102 contracts. That's over 1,100,000,000 ounces of fantasy silver and about 125% of total global mine supply. But don't bother telling the worthless CFTC about this crime in progress. They're all too busy flipping cards into a hat and watching internet porn.

Again, maybe someway/somehow the BLSBS tomorrow will be viewed as "disappointing". This might cause the USDJPY to fall which, in turn, might cause CDG to rally. And if CDG rallies, maybe CDS will at least hang firm near the cap. However, does this look like a chart that's been painted for a fall or a rally?

So, I suppose we should check the chart of CDS in the hope of discovering a spot where we might find support and right the ship. IF a steep selloff comes tomorrow or next week, where might that area be? See below:

While we'd like to see support at the 200-day (.08), major raids of late have been designed to smash these levels. Therefore, IF a raid comes, there's no way it's stopping at the 200-day. Besides, taking it out will engender the type of Spec liquidation that The Banks need to really get the ball rolling.

The 50-day (.72) might be a nice target and it would be GREAT if a selloff stopped there and then turned. This would signal that the 2017 rally is still underway and that the trend was still up. Which, right there, is a reason why JPM will be gunning to break that level, too.

Nope, the most likely target for some support is the 100-day (.18). Not only is that a logical stopping point, the trendline connecting the Dec16 and Mar17 lows can be found there, too.

Maybe by next week the chart ends up looking like this? I HOPE NOT but experience makes me realistic and, therefore, cautious.

So, anyway, sorry to darken your Thursday in this way but it's my job to tell you what I think...even though sometimes it may not be what you want to hear. And now I just saw this...Do you think this could play heck with the metals on Monday? https://www.zerohedge.com/news/2017-04-06/janet-yellen-hold-previously-u...

So hang in there and hope for the best. For now, we seem stable at around $1254 and $18.25. Let's hope we can make it through the rest of the day but be ready for a wild ride on Friday with the BLSBS being released at the usual 8:30 am EDT time slot.

TF

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Key Economic Events Week of 6/27

6/27 8:30 ET Durable Goods
6/27 1:25 ET Jul22 Silver option expiry
6/27 10:00 ET Pending home sales
6/28 10:00 ET Consumer Confidence
6/28 10:00 ET Richmond Fed
6/28 12:30 ET Goon Daly
6/29 8:30 ET Q1 GDP final guess
6/29 9:00 ET Chief Goon Powell
6/29 11:30 ET Goon Mester
6/29 1:00 ET Goon Bullard
6/29 1:25 ET Jul22 Silver off board
6/30 8:30 ET PCE and Core PCE
6/30 8:30 ET Pers Inc and Cons Spend
6/30 9:45 ET Chicago PMI
7/1 9:45 ET S&P Manu PMI
7/1 10:00 ET ISM Manu PMI

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