Hourly Silver Chart: There was a huge raid in silver yesterday as the Comex raised margins requirements twice in a week. I don't know if that has ever happened before. Obviously JPM/Timmy G not very happy about the ascent in the prices of both gold and silver. They are going to defend that fifty level with everything they got. However; yesterdays move by Comex shows how really desperate they are, they (the JPMorgue et al or Timmy) seem to be running out of ammo. Also just a heads up, this is a nice little cup and handle formation if there is a breakout it will take us to 53. But Silver is getting so much attention (manipulation) so I don't know if TA works here anymore. |
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The red line chart is yesterdays print. See the sell down below 47.6, that occurred when the margin hike was announced. Right now its trading at 48.75. There will be another raid today, the volatility is to be expected its gone up too far to fast. We are getting to an inflection point where something has to give. Bernanke has signaled that the dollar isn't really his department, he is mainly focused on the bonds. He told you inflation he isn't worried about inflation, he says its a temporary phenomenon. Short-term though on a technical level, watch 72 in the DXY defended, if they don't defend 72, 70 will follow rapidly and Silver will be over 60. |
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