Today was a Black Monday for the metals markets as the price of gold tumbled 4.5%, silver plunged over 7%, and platinum crashed 13.72%. Here is where things stand after a chaotic day of trading.
Silver Selloff
December 29 (King World News) – Peter Schiff: Silver is down 9% today, giving up most of Friday’s gains. Yet silver stocks, which barely rose on Friday, have lost all of last week’s gains, despite silver being about 10% above the prior week’s close. Following a 14% silver correction, silver stocks are even better buys now.
Silver’s Sharp Tumble
Ole Hansen, Head of Commodity Strategy at SaxoBank: Silver takes a sharp tumble, in a few hours retracing more than 38.2% of the parabolic rally since late November, as the market begins to look through much of the recent so-called “news” that helped draw in a wave of late, inexperienced momentum traders chasing rockets and moon targets.
From a technical perspective, USD 70 — and in particular USD 66.8 — now needs to hold to prevent a deeper retracement toward the USD 50 breakout zone, which marked the start of the latest acceleration phase.
Physical traders, in Asia and the West were short into the opening today, causing the run on Comex. Once they were filled the market was left in a vacuum with few traders prepared to commit to levels near $80.
I remain constructive on silver, but only for the right reasons: tight supply, robust investment demand, and structural tailwinds — not on the back of exaggerated narratives and unverified claims that have recently circulated across social media platforms, and which end up causing more damage than benefits…
Listen to the greatest Egon von Greyerz audio interview ever
by CLICKING HERE OR ON THE IMAGE BELOW.
Gold Tumbles
Ole Hansen, Head of Commodity Strategy at SaxoBank: Gold tumbles straight back into its recent consolidation range, and back below the October highs. It’s time to be patient, watch early January flows and the impact of the annual index rebalancing starting on 8 January.
Painful Day For Platinum Bulls
Ole Hansen, Head of Commodity Strategy at SaxoBank: Today’s session has also been painful for platinum bulls. If liquidity is thin in silver, it is even more so in platinum—particularly at this time of year. This does not alter my constructive outlook, but it does underline the need to respect the volatility these markets can deliver. In short, positions should be sized at levels that remain manageable when liquidity evaporates.
Just Released!
To listen to Tavi Costa discuss the wild trading in the gold, silver and mining share markets CLICK HERE OR ON THE IMAGE BELOW.
JUST RELEASED: Short Squeeze Sent The Price Of Silver Skyrocketing!
To listen to Alasdair Macleod discuss the short squeeze in the gold and silver markets CLICK HERE OR ON THE IMAGE BELOW.
ALSO JUST RELEASED!
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Michael Oliver – Historic Breakouts Will Now Send Gold & Silver Prices To Levels That Will Shock The World! CLICK HERE.
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