Silver futures sold off hard Wednesday after peaking around mid-session, but not before generating the most promising bullish impulse leg that we’ve seen in a long while. Notice in the chart that the modest rally, which lasted for just a couple of hours, exceeded two prior peaks stretching all the way back to mid-November. This implies that there’s some real power pushing silver higher, notwithstanding the whipsaw price action that concluded the day. It also implies that any weakness in the days or even weeks ahead is corrective and therefore a potential buying opportunity. We’ll be looking to use the lows labeled in green to create trade set-ups that can significantly reduce entry risk. Stay tuned to the chat room for further guidance in real time.
Given yesterday’s historic news, of Trump blind-siding the gold Cartel’s principal propaganda meme of the past 20 years – the “strong dollar policy” – by saying the “dollar’s too strong”; and thus, taking the “final currency war” thermonuclear; you probably thought I’d start with something gold-related. I’m not, but I couldn’t resist showing you just how desperate the Cartel is to survive, “Cartel Heralding” gold seven times in the 24 hours since Trump’s “weak dollar policy” comments. But have no worry, the fight is a decidedly losing one, like rats rushing to the top of a sinking ship!
The Silver Market will experience a significant trend change in the future due the unraveling of the paper markets. Already we are witnessing a lot of political turmoil and havoc as President-elect Donald Trump gets ready to take over the White House in the next few days. It’s also logical to assume the policy changes President-elect Trump wants to make will cause serious ramifications to the highly leveraged debt-based fiat monetary system… whether he realizes it or not.
It’s the rare day I wake up to see news so powerfully Precious Metal bullish – regarding its short and long-term implications – I can barely contain myself. The last such event was the BrExit – which set into motion the inevitable collapse of the European Union and Euro currency as we know it. Which, seven months later, appears more certain than ever – and perhaps, if this year’s Dutch, French, German, Italian, and Catalonian elections and legislative actions trend in the direction I anticipate, imminent. Which I assure you, last night’s news will only hasten further.
It is my privilege now to bring in Keith Neumeyer, founder and CEO of First Majestic Silver Corp, one of the top silver mining companies in the world. Keith has an extensive background in the resource and finance sectors and has also been an outspoken voice about the manipulation that has been occurring in the futures market pricing of silver.
When I published “frankly, I’m terrified” in October, even I could not comprehend the dire ramifications of Donald Trump’s election – which at the time, I predicted would have the political, economic, and monetary impact of a “BrEXit times ten.” Care of the most rigged markets of all time, this world-changing event hasn’t yet been discounted in equities or Precious Metals; although arguably, it has – and continues to be – by collapsing worldwide currency markets. Like, for instance, the UK Pound; which upon yesterday’s definitive call by Prime Minister Theresa May for a “hard BrExit,” plunged to essentially the lowest level in UK history. This, in a nation that already has, care of lunatic money printing by the Bank of England, one of the world’s highest costs of living.
COT Silver Report - January 13, 2017
Highlights at the conference will be a fire-side chat with mining billionaire, Frank Giustra, Morning Star's #1 rated gold fund manager, Frank Holmes, several live-on stage "CEO grillings" hosted by Katusa Research founder and CEO, Marin Katusa, and a Roast of legendary investor, author and mining newsletter writer, Doug Casey.
How low and how high will the price of silver range on the PAPER markets during 2017? Knowing the influence central bankers, politicians, HFT algos, bullion banks and JPMorgan exercise over increasingly managed markets … it is impossible to answer the question, and it is probably the wrong question to ask.
Gold and silver continued their rise this week in very light physical trade, though trade in futures was active. From last Friday’s close, gold rose $20 to $1193, and silver by 30c to $16.76 in early European trade this morning. Behind the rise in gold was a fall in the dollar, which had been very strong in the second half of 2016. In early European trade this morning prices have opened steady, below the intraday highs of yesterday, as dealers try to decide if there will be some profit-taking after a strong week.