With the Dow surging 400 points on Monday as the US Dollar Index continued to struggle, today James Turk told King World News that a war is quietly raging in the silver market.
War In The Silver Market
February 26 (King World News) – James Turk: “Today has been a real battle in the precious metals markets, Eric, particularly silver. However, this was not a surprise…
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James Turk continues: “Deliveries for March contracts continue for a couple of more days, so the last thing the price manipulators were going to do was allow silver to complete an upside breakout. Nevertheless, an upside breakout is going to happen anyway, and probably soon. In fact, the following chart of spot silver prices in London indicates that the breakout is now underway.
Silver Already Breaking Out
With today’s price action, we can see that silver is breaking through the downtrend line that confined its price for the past few weeks.
Shockwaves For Price Manipulators
When, earlier today, spot silver pushed above the downtrend line and all the way to $16.76, it no doubt sent shockwaves to the price manipulators aiming to keep metal prices capped. So they ‘circled the wagons’ and sold paper contracts to drive the silver price back below the breakout point around $16.60, below where silver is sitting at the moment. By keeping silver under $16.60, the price manipulators are trying to discourage longs from taking delivery on the remaining March contracts by demonstrating their power to keep the silver price under their control. But they will not be successful for much longer.
Given all the bullish fundamentals, I think we can expect more upside pressure from investors scrambling to buy physical silver as well as gold. So it looks like our patience will be rewarded in a day or two, once the month-end deliveries are made. With silver deeply backwardated, that reflects the intense buying pressure at the moment, which is what sent silver the price of silver shooting higher earlier today. Regardless of repeated attempts at price-capping, it seems like higher prices are now inevitable.
Once the breakout above $16.60 occurs, the next target is the neckline of the huge head-and-shoulders pattern at $17.40, which is just a chip-shot away. Once that resistance level is hurdled, silver is going to start attracting even more attention and more buyers.
2018 Will Be A Big Year For Gold & Silver
It’s been my view that 2018 is going to be a big year with a lot of upside for both gold and silver. Chart patterns like this one showing huge accumulation of silver over the past several months illustrates that investors understand the precious metals are cheap and undervalued, making their risk/return profile a great buy.”
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