Silver Update

Look at the dollar, and then look at the PM's. They should be screaming higher. Are they? Nope. This is just utter  garbage the way the CME group is allowed to manipulate this particular market. If you don't know by know why they manipulating the metals by now, I suggest you go to you tube and check out the bears video on silver manipulation. Bottom line is that JPM and three other large banks have made huge bets against silver (short) they can't possibly cover or they would go under, so they keep putting off delivery to future months. Their goal is to cause a rollover in the metals, they recently drove silver off of a cliff (down 35% in 10 days) causing the late comers and hedge funds to run away. Enough rant!

You see the rapid decent whether it be in the red, blue or green charts, the selling stopped around  37.8 over the last three sessions. Prior to that we had a massive overnight raid which got support around 36.5. So you have minimal support at the former level, hoping that hold but if it doesn't and we get a gift I'll be sure to add physical at 36.5. 

Please also note: We are right up against the 50dma, and they (Bully Banks, Banksters, whatever you want to call them) are doing all they can to hold the 50 to make it look like a failed bounce. I'm expecting a move back to 36.5 today or tomorrow early morning and then another push to the 50 by Monday or Tuesday.