Over the weekend KWN ran the viral interview Crisis Brewing In London As Gold Liquidity Dries Up – “No Liquidity At All…Whole Situation Precarious.” Well, today the metals are reacting to that crisis in London by bolting higher with the price of gold surging above $1,800 and silver breaking out above the key $28 level.
February 22 (King World News) – James Turk out of London: Silver is attacking $28, Eric. We will see how it closes in New York today, but it is clear that two things are happening.
First, silver has been relentlessly grinding away at overhead resistance at $28, which is bullish. Sometimes markets do that as new money comes in to buy…
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Although this grinding away has taken some time, it has happened while silver has been in an uptrend. As you can see on this chart of March silver, the uptrend is clear, and that’s the key message, which relates to the second point that is happening.
Silver Breaking Out Above Key $28 Level
The shorts are getting squeezed. All we need is for them to finally throw in the towel, and I think that happens with silver hurdling above $28.
Let’s watch to see what happens on the close today. Let’s also watch the weight of physical silver flowing into PSLV because that will be an indication of the buying interest that silver is attracting. With commodity markets soaring, it is not surprising to see this strength today in both gold and silver. King World News note: Click on the link to read the viral interview Crisis Brewing In London As Gold Liquidity Dries Up – “No Liquidity At All…Whole Situation Precarious.”
KWN has just released an audio interview with legendary Pierre Lassonde and you can listen to it by CLICKING HERE OR ON THE IMAGE BELOW.
Also released! Greyerz: THE CLOCK IS TICKING – We Are Going To See Massive Wealth Destruction And The Greatest Transfer Of Wealth In History CLICK HERE TO READ.
Also released! Crisis Brewing In London As Gold Liquidity Dries Up – “No Liquidity At All…Whole Situation Extremely Precarious” CLICK HERE TO READ.
Also released! ALERT: No Gold Or Silver Available In Size In London Or Zurich Switzerland CLICK HERE TO READ.
To listen to Alasdair Macleod discuss the shortage of available physical gold and silver in London and Zurich and what to expect next in the metals markets CLICK HERE OR ON THE IMAGE BELOW.
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