The ins and outs of the short squeeze underway in silver
Ed Moya, Senior Market Analyst at OANDA joins me for an in-depth discussion on the short squeeze happening in silver. We look at the traders driving the move and how sustainable it could be.
Click here to visit the OANDA website and read over Ed’s daily note.
Agreed. I had mentioned on Friday and over the weekend, that it is an encouraging thought that so much financial media covered Silver and the Silver stocks for a change, and that it was an encouraging thought that some investors just bought their first physical bullion or first Silver stock at the end of last week or today.
Hopefully a percentage of these new investors will stick around and learn more about the resource sector, the precious metals, and the mining stocks.
Overall, I’m still pretty encouraged so far with the move in Silver that started the middle of last week at $25 that has now taken it up $4 to $29+ That is a really big move for Silver in such a short time, so it could correct and give some of that back, but that is unmistakably bullish action, and sure better than the alternate, where some were expecting it to go back down and test $21-$22. I’ll take the pop over the drop.
Imagine going back just 2 years when silver was stuck in that $15-$16 area, or to the flash crash last year when Silver dropped to $13, and mentioning that hey, next year Silver will be hovering around $25-$26 (where it was also mentioned last year that this is where longer term resistance and congestion was), but that Silver would then it will break back up to $29. It would have sounded pretty bullish in contrast, but it seems there is still a large amount of skepticism of the recent jolt in Silver and the Silver miners.
That is fine, and how most impulse legs higher start… with doubt and concerns. The bull likes to throw as many riders off his back as he climbs this wall of worry.
Also, on Thursday, Friday, and today on Monday there have been double-digit moves in many of the Silver miners, which is also some of the most bullish action we’ve seen since last summer. If people had a good allocation to the Silver miners, then they’ve done great and have nice gains in place. Personally, the action in Silver miners alone the last 3 trading sessions has erased any ground lost in my portfolio since the January corrective move started, and my portfolio has gone screaming up to an all time highs once again, so it has definitely been bullish.
Now, for those only allocated to Gold or the Gold stocks, it hasn’t been quite as interesting, but generally when we see Silver and the Silver stocks lead the charge, that precludes some of the most bullish moves in the PMs. As Matthew pointed out yesterday, the Silver miners have held up much better than the Gold miners in the multi-month correction, and that is also quite bullish for the big picture.
It’s right to err on the side of caution, trimming some well-earned profits on the way up, as the moves are so large. However, those that have been too cautious were not taking advantage of the corrective move offered through most of January, and were out of position for these large moves we’ve seen the last 3 trading sessions. As someone holding about 2 dozen silver stocks, it has been a thrilling last few days, quite profitable, and the most fun in the markets so far this year.
It should also be noted that John Fenneck was bang on about (FURY) Fury Gold getting a nice pop higher soon, as it has been up about 18% on the day. I mentioned on Friday having added to my Fury position, after listening to his interview, and my only regret is not having added more aggressively.
Great call by John F.!
Silver closed at $29.06 up 8% on the day (that is a big day for silver any way you slice it)
(SIL) Global X Silver Miners ETF – closed up 11.95% on the day
(SILJ) Prime Junior Silver Miners ETF – closed up a whopping 14.49% on the day
It may not have been the epic “short squeeze” many of the Reddit and WallStreetBets crew were hoping for, but it was still a fantastic day for Silver and the Silver miners, and hoping our KER family made some good returns on this incredible action today in the markets.
Ex, I bought more FURY @1.36 back on 1-21-21 and wish I had bought more too. And on 1-20-21 I bought USAS@2.68 and BBBXF@.17. Wish I had bought more of those too. This morning I sold some MUX and AG and then bought more ELRRF, Tristar, Irving, and NFGFF.
What a day!
Nice work Bonzo! Yes, I had written you back on Friday, and mentioned I had picked up more FURY @ $1.38, so not quite as good as you got in the prior week, but heck, I’ll take it as Fury Gold closed today at $1.74 up over 20%.
Yes, today was a very busy day for me in the markets as well. I pulled some profits in Golden Minerals, Endeavour Silver, Silvercrest, Coeur, Silvercorp, Hecla, Alexco, Santacruz, Impact, Silver Tiger, and McEwen.
However, I also did a little buying and added to positions in Ur-Energy, UEC, Baru Gold, Newrange, Westhaven, Minera Alamos, and Northern Vertex.
Nothing major in most of those trades (about 15-30% position size tranches on the sells and & buys).
Agreed it was a great day. I took a scalp on MUX also and bought some more Tri-Star Riverside Resources, Novo Resources and Orogen Royalties.
That’s a nice day’s work Charles. Wishing you, as always, good trading.
Glad to have trimmed some of the Silvers yesterday, as they are back on sale in the premarket hours. I’m back on the hunt to pick up the positions I sold yesterday at a discount.
Picked up a little AUMN Golden Minerals for $.21 less than I sold it for yesterday, and just got a little HL Hecla for $1.00 less than I sold it for yesterday. Loving this trading action.
Was just able to add back the small position I trimmed in Silvercrest for $2.00 less than I sold it for yesterday.
Silver is down bigly to $27.55, so these premarket deals are quite compelling in many of the larger dual-listed stocks.
MUX down 13% in pre-market.
Yep. Aren’t you glad you trimmed yesterday. I’m sure glad to have trimmed 11 stocks yesterday (including MUX), but I’m not planning on adding that MUX back today, as I still have 80% of my core position in place at much lower levels. Now if it falls by 25-30% then maybe I would. I did pick up a few of the positions that were trimmed yesterday though, as noted above.
Agree MUX is likely going lower and I am not planning to repurchase until it goes much lower. I’d probably look to buy it back at around $1.10 or lower.
I just scooped up some EXK shares here in the early minutes of the market open for $1.47 less than I trimmed them for yesterday. These markets are volatile, and can go lower, but I’m happy to have scalped partial positions in core holdings yesterday, and buy them back on fire-sale today at much lower prices. After the selling runs its course, then the next wave of buying comes in and you sell the shares back at higher prices. Rinse and repeat…
added even more AUMN Golden Minerals at $.80.
Added some more HL at $5.91.
Started a new position in AGI Alamos Gold at $7.90.
Ex – Do you own any Capitan Mining?
No, Charles I don’t own any Capitan Mining, but don’t know anything about it. I’ll have a look.
Thanks Ex. I don’t either. It was spun out by Riverside Resources shortly after I bought my initial purchase. Not a big position so not sure what to do with the position. I don’t know anything about the management or the project other than I believe it’s a silver mine in Mexico (Sonora I think)
Overall a very nice trend higher today in the Silver stocks, after many of these companies already had big moves on Thursday and Friday of last week.
Symbol – Silver #Producers – Daily Change %
ASM Avino Silver & Gold Mines Ltd. +50.41%
HL Hecla Mining Company +28.30%
SVM Silvercorp Metals Inc. +25.39%
SBR.TO Silver Bear Resources Plc +24.14%
CDE Coeur Mining, Inc. +23.09%
AG First Majestic Silver Corp. +22.08%
EXK Endeavour Silver Corp. +20.40%
IPT.V IMPACT Silver Corp. +19.39%
EXN.TO Excellon Resources Inc. +19.28%
GPL Great Panther Mining Limited +18.79%
FSM Fortuna Silver Mines Inc. +17.35%
PAAS Pan American Silver Corp. +12.08%
GATO Gatos Silver, Inc. +11.43%
SCZ.V Santacruz Silver Mining Ltd. +11.11%
HOC.L Hochschild Mining plc +10.43%
USAS Americas Gold and Silver Corporation +10.33%
SMTS Sierra Metals Inc. +10.26%
FRES.L Fresnillo Plc +8.95%
GGD.TO GoGold Resources Inc. +8.11%
AYA.TO Aya Gold & Silver Inc. +6.81%
SSRM SSR Mining Inc. +1.85%
Across the board, there was follow through buying across the whole spectrum of Silver mining stocks today, so Reddit/WSB aside, the sector had another green day.
Symbol – Silver #Developers & #Explorers – Daily Change %
ISLV International Silver, Inc. +124.49%
AGH-H.V Canadian Silver Hunter Inc. +56.25%
KS.V Klondike Silver Corp. +46.67%
ASLM American Silver Mining Co. +42.86%
ASL.V Argentum Silver Corp. +35.42%
SVE.V Silver One Resources Inc. +28.57%
SVG.V Silver Grail Resources Ltd. +27.27%
BHS.V Bayhorse Silver Inc. +23.81%
AZR.V Azarga Metals Corp. +23.08%
FCO.V Fabled Silver Gold Corp. +22.86%
AAG.V Aftermath Silver Ltd. +21.60%
CD.V Cantex Mine Development Corp. +20.24%
BRC.V Blackrock Gold Corp. +20.00%
AUMN Golden Minerals Company +19.76%
GOG.V Golden Tag Resources Ltd. +19.57%
SLV.CN Silver Dollar Resources Inc. +19.43%
CCW.V Canada Silver Cobalt Works Inc. +18.64%
SPD.V Silver Predator Corp. +18.18%
DV.V Dolly Varden Silver Corporation +18.06%
SSV.V Southern Silver Exploration Corp. +17.02%
TM.V Trigon Metals Inc. +16.95%
KTN.V Kootenay Silver Inc +16.90%
TUF.V Honey Badger Silver Inc. +16.67%
SLVR.V Silver Tiger Metals Inc. +16.67%
RYO.V Rio Silver Inc. +16.67%
DSV.V Discovery Metals Corp. +15.68%
AUN.V Aurcana Silver Corporation +15.22%
SVB.TO Silver Bull Resources, Inc. +14.74%
BBB.V Brixton Metals Corporation +14.58%
VAL.AX Valor Resources Limited +14.29%
SSE.V Silver Spruce Resources Inc. +14.29%
AXU Alexco Resource Corp. +14.18%
REX.V Orex Minerals Inc. +13.89%
AZT.V Aztec Minerals Corp. +13.89%
MAG.TO MAG Silver Corp. +13.74%
OCG.V Outcrop Gold Corp. +13.33%
JAX.V Jaxon Mining Inc. +13.33%
MMN.V Monarca Minerals Inc. +13.33%
MMG.V Metallic Minerals Corp. +13.24%
AZS.V Arizona Silver Exploration Inc. +12.96%
AUU.V Gold79 Mines Ltd. +12.50%
TNO-H.V Terreno Resources Corp. +12.50%
ABRA.V AbraPlata Resource Corp. +12.50%
GRSL.V GR Silver Mining Ltd. +12.16%
EQTY.V Equity Metals Corporation +12.00%
VML.V Viscount Mining Corp. +11.90%
ELO.V Eloro Resources Ltd. +11.86%
ANZ.V Alianza Minerals Ltd. +11.76%
AHNR Athena Silver Corporation +11.65%
SIL.TO SilverCrest Metals Inc. +11.64%
CLZ.V Canasil Resources Inc. +11.54%
KUYA.CN Kuya Silver Corp. +9.91%
ELEF.TO Silver Elephant Mining Corp. +8.99%
ZFR.V Zephyr Minerals Ltd. +8.57%
VIPR.V Silver Viper Minerals Corp. +8.51%
SXL.V Slam Exploration Ltd. +7.69%
DEF.V Defiance Silver Corp. +7.50%
SDR.V Stroud Resources Ltd. +7.46%
MSV.TO Minco Silver Corporation +7.27%
BNCH.V Benchmark Metals Inc. +7.21%
BCM.V Bear Creek Mining Corporation +7.19%
VZLA.V Vizsla Resources Corp. +7.05%
VRR.V VR Resources Ltd. +6.78%
NBR.V Nubian Resources Ltd. +6.33%
UFO.L Alien Metals Limited +5.60%
CMB.V CMC Metals Ltd. +4.88%
RSLV.V Reyna Silver Corp. +3.64%
BNKR.CN Bunker Hill Mining Corp. +2.63%
Hopefully precious metals investors, aware that we have continued to be in a bull market, had built up nice portfolios of Silver mining stocks prior to the liftoff we’ve seen the last 3 trading sessions. There was a nice window of weakness for several weeks in January to be adding to positions or accumulating new ones.
Since Thursday morning of last week there have been plenty of companies breaking out of ranges or compression triangles, or bouncing off oversold conditions. If nothing else there were tons of gaps higher that could have been traded for profit scalp, and personally I trimmed a few of these gains back today, but left the core positions on to keep journeying.
As the saying goes, “You gotta be in it to win it.”
Ever Upward!
A #SilverSqueeze Manifesto
February 01, 2021 – SilverSeek – by: Gold Ventures
“Reddit’s Wall Street Bets community — and its truly representative, democratically elevated, and dynamically evolving group of leaders — has set a shining example that other movements can follow. They showed that, working together by choice, a dedicated army of everyday people can leverage their collective skills and resources to achieve what had previously seemed impossible – to alter deeply entrenched power dynamics and level the playing field. They found their voice, a sense of belonging, and a path to asserting power they didn’t even realize had been theirs all along.”
“Now, in that movement’s footsteps, comes this new, emboldened, global movement, which has an even more ambitious target in its sights. It’s no longer just about the stocks of a handful of American companies, and a few overleveraged hedge funds. This is a movement to change how the whole system operates. It is paving the way for the total transformation of what is now a centralized monetary and financial system, which also centralizes wealth.”
“Silver is the Achilles heel because big financial institutions have been manipulating this sector like no other. Why? Because they can. The bullion banks can short silver futures, which only exist on paper, and smash the “official” price of silver. They’ve been caught doing this again and again, and they’ve effectively just been slapped on the wrist with fines that are little more than drops in the bucket for them, compared to what can be gained by the manipulation. We all know by now that those who help make the rules find ways to make rules to their advantage, and to rise above the other rules. Interestingly, if the dollar price of silver were allowed to be set by supply and demand, the true rate of inflation – which is another way of saying the true rate of devaluation of your dollars over the years – would be much clearer…”
Bring on the revolution comrade!!!
Haha! Well, while I appreciate the WallStreetBets forums sentiment and spirit in wanting to challenge or dismantle the existing legacy systems of financial repression, I think some of them just want to belong to a crusade. I posted it simply to showcase their motivations to look at Silver in the first place, and because it is topical, interesting to see their approach to activism investment, and it is entertaining. It Investo-tainment.
Watching the herd from afar is interesting, but I have little interest in joining a tribe or collective, and prefer the individual path of awakening. However, when I saw the title of the “SilverSqueeze Manifesto” I figured let’s see what these people are up to.
We live in wild times!
On the weekend show blog, I had posted this meme that those WSB folks posted, because it is good for a chuckle. (There are people that believe that they are part of a revolution, and to the extent that they got the financial media discussing their actions, to some degree they are and their voices were heard).
Most people into the Precious Metals really do understand the problems and monetary issues that exist, and agree philosophically with the shady history of government intervention and criminal central bankers nasty network of control and corruption, but they aren’t as far as thinking they are on a crusade against the elites. For most “hard money” advocates they are looking to preserve purchasing power in a time-tested uncurrency, that is uncorrelated to most other asset classes and doesn’t have a 3rd party risk, in the same way that fiat currencies have the nations and banks that issue and destroy these currencies as big 3rd party risks. For most investors, Precious Metals are an insurance plan for chaos, and a hedge against the rest of the markets, bonds, and currencies.
As for the mining stocks, those are typically for folks that also want to speculate on the different phases of the mining cycle for extracting these precious metals out of the ground . Very few mining stock investors are trying to lead some of kind of revolution, but I tip my hat to their energy, enthusiasm, and quest.
The gov hands are stronger…so far and the ponzzi continues.. so the silver might fall back and cush the hood youngster and school them
VIZSLA DRILLS 10,019 G/T AGEQ OVER 0.43 M WITHIN 1,909 G/T AGEQ OVER 2.42 M TO DOUBLE DEPTH OF NAPOLEON DISCOVERY
Vizsla Resources Corp. has provided results from eight new holes at the Napoleon prospect at the Panuco silver-gold project in Mexico. These results demonstrate high precious metals grades down to 320 metres below surface, a 180-metre step down from previously reported results.
Drilling highlights
NP-20-54:
1,909 grams per tonne silver equivalent (86.5 grams per tonne silver, 18.45 g/t gold, 1.27 per cent lead and 3.36 per cent zinc) over 2.42 m true width from 317.25 m including:
10,019 g/t silver equivalent (307.0 g/t silver, 101.0 g/t gold, 2.88 per cent lead and 10.5 per cent zinc) over 0.43 m true width from 317.25 m.
DECADE RESOURCES ANNOUNCES HIGH SILVER VALUES INDICATED IN SURFACE SAMPLING ON DEL NORTE PROPERTY
Decade Resources Ltd. has received receipt of all surface sample assays for the 2020 exploration on the Del Norte property optioned from Teuton Resources Corp, 34 kilometres (km) east of Stewart in British Columbia’s Golden Triangle. These results have now been plotted and the Company is reporting the significance of this sampling. The Company is still awaiting the final assays for core from the summer’s drilling.
I read that some places have stopped selling silver.
It is selling for $44-$46 cdn in Calgary and lower mainland B.C.
That is higher than it has been recently.
Right. There are some still taking orders but can’t deliver for 6 weeks or so. Don’t think I’d bother. The bright ones already have their stash.
#SilverSqueeze: Physical Silver Shortage vs. Paper Silver
Torgny Persson – 1 Feb 2021 – BullionStar
“The silver short squeeze in physical silver at present is unprecedented. Even so, the spot price of paper silver is not even close to the real physical equilibrium price of silver. BullionStar may soon have no option but to abandon setting prices based on silver spot price altogether and move to fixed prices.”
“Thanks to r/WallStreetBets (WSB) and related spin offs, the wider public is starting to open its eyes to the corruption and cronyism in the financial markets including in the paper gold and paper silver markets…”
Silver Coin Sites Seize Up as Buying Frenzy Takes Hold
By Yvonne Yue Li and Eddie Spence – January 31, 2021
CN Wire @Sino_Market on Twitter 12:14 AM · Feb 1, 2021
“Spot silver refreshes its new high since Feb 2013, trading at over $30/oz. #silversqueeze”
IMHO the RHers etc. left the market and let the market makers short at a higher level so they can run it up tomorrow for the big squeeze… or I’ll wake up and this was just a dream, haha!;-)
Dan – So you’re thinking today was just the appetizer, and tomorrow is the main course from the retail mobs? That sounds great, because today was a blast, and there were plenty of big gainers in the Silver sector.
Personally, I don’t want to see a pop-n-drop where all the interest comes in quickly, things skyrocket up, and then it all washes right back out again, but if there is a sustained group of new investors, with new capital flows into the resource sector, then that is highly welcomed. Outside of the all this media buzz, there are still plenty of other investors that have taken note of the opportunity in these undervalued miners, and there was likely plenty of buying from stronger hands in tandem with the flavor of the week retail speculators. Looking forward to seeing if we get more follow-through buying like we’ve seen Thu, Fri, and Mon.
My $ is on it all the way, these guys play mind games, Silver is the real deal not a ridiculously overvalued GameStop, although I would like brick and mortar business to survive.
I have an injured finger and my reply is under moderation under a typo-ed alias.
Understood Dan. Be good and may your finger heal with unworldly haste…
http://4.bp.blogspot.com/-TVJ5xS_66dQ/UbRnwl8Ck8I/AAAAAAAAC7Q/JQpTCIXfCiM/s1600/ET.jpg
Jon Najarian Interviews the Founder of Wallstreetbets
Market Rebellion – Jan 28, 2021
“Jon Najarian does an interview with the founder of Wallstreetbets Jaime Rogozinski. Get insight on the inside of the subreddit and what’s been driving stocks like GameStop and AMC up.”
If Jim Willie is right we’ll all be rich or not.
This video is pretty funny, and is a parody of the hedge fund managers “tough times” .
___________________________
🤩🤩 Edwin Gab @TerraNNone @Edwin31509569 · Jan 29 on Twitter:
> “Hedge Fund Managers are suffering!”
[Donate just $8,000 per day to help them out.]
https://twitter.com/Edwin31509569/status/1355419157349728257
Thanks. This is a jewel. I’d like to help with $5G but she didn’t say where to send it.
Yes, I had a good chuckle at that video.
Sadly his country club access is now… pool only… (lol)
How would you like to be this young scamper? https://www.politico.com/news/2021/02/01/robinhood-ceo-testify-maxine-waters-464491
Leave it to Maxine to ream him a new, lower orifice!!!
Janet Yellen Paid 800 GRAND From Hedge Fund Linked To Robinhood Scandal
The Hill – Jan 29, 2021
“Saagar Enjeti discusses a major conflict of interest between the Biden administration and hedge funds involved in the Robinhood/ Reddit scandal.”
A lousy 800 grand…these Democrats just dinnae know how to graft. Yons a paltry wee pathetic sum. (Just practicing for Robbie Burns day.)
Haha! Yes, Janet needs to up her game, and join the $1 Million club at least. I’m sure she’ll be totally impartial to the situation, even though the Hedge Fund that puts money in her pocket is involved. (yeah right….)
(ROXG) (ROGFF) Roxgold: A Producer Beating Guidance In A Sea Of Misses
Feb. 01, 2021 – T.D. – Seeking Alpha
“Roxgold released its Q4 and FY2020 production results earlier this month, with annual gold production trouncing the midpoint of its guidance.”
“Given the sharp increase in gold prices offset by slightly lower production year over year, the company delivered revenue growth of roughly 23% year over year.”
“More importantly, the company continues to fast-track its Seguela Project, giving it a rare distinction as a producer with 80% plus production growth looking out to FY2023.”
“I continue to see Roxgold as a top-5 gold producer in Africa, and as a low-risk buying opportunity.”
https://seekingalpha.com/article/4402458-roxgold-producer-beating-guidance-in-sea-of-misses
(ROXG) (ROGFF) Roxgold Returns High Grade Intercepts Within New Prospect at Boussoura as Drill Program Continues to Expand Mineralized Footprint
by @businesswire on 1 Feb 2021
https://ceo.ca/@businesswire/roxgold-returns-high-grade-intercepts-within-new-prospect
Bought some Rox today at $1.10
Roxgold is doing great work, and will continue to be a winner in this bull market cycle. I already loaded the boat in prior years. And it is one of the positions I’ve held for the long game. However, as it has pulled back in pricing the last few months, I have considered adding even more to the position.
Very good strictly price TA, Michael Boutros (FX ):
https://www.youtube.com/watch?v=Tq6tPjX2jOY
Gold at 44 minutes.
Note well SPX analysis after Gold.
(EXN) Excellon Resources +23% on drilling 1,170 g/t silver equivalent over 4.2 meters at Platosa
Feb. 01, 2021
(IPT) (ISVLF) Impact Silver Starts Exploration Drilling Program of 10,000 Meters at Zacualpan
@newsfile on 1 Feb 2021
https://ceo.ca/@newsfile/impact-silver-starts-exploration-drilling-program-of
(BBB) (BBBXF) Brixton Metals Drills 375 oz/t (11,663 g/t) Silver, 0.7% Cobalt over 1.2m at its Langis Project, Ontario
@nasdaq on 1 Feb 2021
https://ceo.ca/@nasdaq/brixton-metals-drills-375-ozt-11663-gt-silver
(BHS) (KXPLF) Bayhorse Silver Closes Oversubscribed Non-Brokered Private Placement
@newsfile on 1 Feb 2021
“The funds raised are for the purpose of both fulfilling the silver Offtake Agreement with Ocean Partners UK Limited for delivery of the first 300 tonnes of silver concentrate, and to initiate underground drilling to expand the Bayhorse Silver Mine resource as well as general and administrative costs.”
https://ceo.ca/@newsfile/bayhorse-closes-oversubscribed-non-brokered-private
Larry Pesavento on 1980 Gold and Silver peaks:
https://www.youtube.com/watch?v=K9F06fVhVPg
He was there!
Mr. Z on Silver at 42 minutes.
Well, precisely as I had postulated on the weekend show blog, the real response signal to look for (if the flood of new buying in the Silver space was being effective), was for the Crimex cabal to raise the margin requirements on futures contracts. This is the exact same thing they started doing in late 2010 and incrementally throughout 2011, and they eventually ratcheted up the margin requirements until the last one was so burdensome, that it neatly marked the top of the PM bull market in the fall of 2011.
Well, just a few days of focus on Silver upward pricing pressure, where some institutional and hedge funds were likely short and caught off guard, and then… boom here it is again… This is the challenge with a swift move higher, they’ll rush in throw cold water on the fire by raising margins. Oy vey.
____________________________________________
CME Hikes Silver Futures Margins Following Retail Buying Frenzy
Feb. 01, 2021
“Silver futures (XAGUSD:CUR) open lower after the CME Group (NASDAQ:CME) says it is raising margins on Comex silver futures by 18% after surging today to an eight-year high, in a move that could edge out smaller players who lack the cash to make necessary deposits.”
“Margins will rise to $16,500 per contract from $14,000, effective Feb. 2, based on “the normal review of market volatility to ensure adequate collateral coverage,” CME says.
That didn’t take very long.
The two rules of investing/speculating.
Rule #1. The game is rigged.
Rule #2. See rule #1.
…. and down go Silver and Gold. Silver was back up to $29.20, this news hit the wires yearly, and now it is heading down about 3.4% to $28.45.
https://www.investing.com/commodities/real-time-futures
This is of course, why several of the videos and articles posted on the weekend show mentioned investors buying the actual physical, or buying the mining stocks as the work-around to the inevitable intervention.
yearly = earlier
(we’ll see shenanigans like the margin limit increases far more often than yearly, if the Silver price keeps ratcheting higher in a manner they don’t care for).
Silver needs some good old Texas gonzo. Bring back the Hunt brothers! They didn’t let any pissant margin increases keep them from running their corner.
The Reddit kids mean well but they’re largely a bunch of vegans who wouldn’t know how to burn a steak. How can you take down wallstreet if you’ve never bloodied a knife and fork?
Just sayin.
As I recall, the Hunt Bros didn’t look a lot like Samson or Tarzan
Yeh I was just waiting for the CME to intervene. So far the desired result as currently a solid majority of Mondays gains have been given back.
Corners are for carnivores.
I read a thread or 2 @ wallstreetbets, there were very few mentions of silver, they are more interested in companies that are being shorted.
I read that it was wallstreet driving silver to cover losses caused by the redit gang.
I wonder whats true.
Off topic: lately when I use Google to pull up Kitco, it’s got an abundance of erection pill adds
Did you date someone that works there?
Maybe some hoodie babe, no facial recognition
https://postimg.cc/HJzgwYsD
Upside still in place — barely!
Pump and dump. Silver is in a slump.
Alternating days….same old 6 month pattern. Discovery was my best dollar gain yesterday. Discovery my biggest loser today. Silver stocks on top yesterday…silver stocks on the bottom today. I am still in the same 6 month channel.
JPM doesn’t care about Robinhood as they own the Fed and have biggest printing press in the world. Jail remains the only answer.
Appreciate Ed’s thoughts about new people entering the silver space and the idea they will likely stick around for awhile. Can’t help but be good for the discussions on this page.