www.silverdoctors.com
Submitted by PM Fund Manager Dave Kranzler:
Silver continues to trade
DIFFERENTLY, in a positive manner that it has not done in YEARS. The
potential for the silver price to explode in the very near future is all
there. The shares continue to maintain their own positive tone and
refuse to give up much ground on corrections. – Bill Murphy from GATA’s Midas report
Nearly the entire precious metals
investing community looks at the Comex options expiration and the Fed’s
FOMC meetings with trepidation, as historically those two events have
triggered a massive Comex paper attack on the price of the metals.
Having both events back to back in the same week elicits even more
fear. Of course, Goldman Sachs commodities clown, Jeffrey Currie, was
on CNBC again today calling for $1000 gold. This guy has absolutely no
shame about continuously making an idiot of himself with his price
predictions for gold.
I exchanged emails with Bill Murphy on
Tuesday morning because the precious metals, especially silver, were
unexpectedly buoyant in the morning. I wrote last week that the Comex
bullion banks, based on the put/call open interest for May silver, were
incentivized to make sure silver closed below $17 today for options
expiry.
I emailed Bill asserting that “they” can’t keep the metals down. Gold spiked at 9:00 EST
on no news or event that would have
triggered a spike The 5-minute graph indicates that it started to move
up and then short-covering kicked in. Silver started to move and then
there’s a red bar and then silver pops. That tells me that they tried to
hit silver to keep it from popping but short-covering still kicked in.
(click on image to enlarge)
The 60 minute bar chart of silver shows silver oscillating between $16.80 and $17.30 since
last Tues, with a move up that was
slammed with a paper hit on Thursday. But silver refuses to go lower at
the direction of the Fed/bullion banks. At this point silver could break
either way. They are very desperate to keep it from breaking up, but
they seem incapable, at least for now, of forcing it lower. (click on
image to enlarge)
The charts smell of serious desperation. Most gold commentators are pointing at the COT structure and sweating bullets. That side of the ship is too crowded in my opinion. We
may well get another surprise move higher later today after the FOMC’s
Cirque du Merde show is over. Gold and silver are definitely behaving
differently than we’ve seen over the last 5 years. The criminal bullion banks seem to be having trouble pushing them lower.
沒有留言:
張貼留言