SD Midweek Update: Silver may have finally carved a bottom from the latest price smashings. But silver just found out, yet again, what “Hammer Time” is all about. However, significant downside pressure from here will be hard to pull off…
Since the silver market opened on Sunday night, there seems to have been a bottom carved out on the chart:
The action on the daily supports the rounded bottom:
However, the fingers are at the ready, and as the lesser of the two jobs reports just hit the tape, this is the reality we face:
Yes, it is disgusting. It’s not a song and a dance. Every opportunity is used to sell paper silver into the market. This week, they cartel has the upper hand with all markets in China closed all week long. However, let’s put it in perspective. Silver was $19 just a year ago. Silver is severely lagging gold in terms of performance, and American Silver Eagle coin sales were abysmal last quarter, and all year really. If that isn’t about as bullish as we could want for what we are served, then I don’t know what bullish is.
There’s even a GSR that is still screaming “buy silver”:
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