CEO McDonald: "Hole 171 is exciting with an 87-meter-wide zone of silver mineralization... stepping out 50 and 100 meters southeast of CDH 140 and 125."
VP Hernandez: "Overall, these results confirm high-grade silver and gold mineralization at Jimenez, with several veins showing significant exploration potential based on their width."
In COMEX silver futures, swap dealers hold short positions equivalent to 194.43 million ounces of silver, or roughly 23% of the annual global silver production—a staggering figure.
Given the current size of their short position, bullion banks face nearly $200 million in losses for every dollar increase in the price of silver. This means they lost nearly $400 million on Friday alone!
London Bullion Market Association’s conference participants expect gold prices to increase by 10% over the next 12 months, with silver expected to gain over 40%
Gary Savage explains how market sentiment translates into trending moves on the chart. He says silver has reached the ballistic phase of an intermediate rally, and retail traders will start piling in.
