anyone issuing a sell signal? I'm seeing strong resistance at 31.000 and for 30.000 to be broken through...agree?
I got .118 points trading the mini Silver today...should have been .400 in that big leg down!!!! :eek:
Silver is in backwardation right now. This generally means demand is significantly exceeding supply. I would not short silver if I were you.
2/21/2001 - 5 days later and the price is at $34.19 and climbing. Guess silver still had some legs under her, aye?
no I did not short Silver...whew...:eek: Seriously...what are the 1,2,3 items driving Silver so high? What is going on?
============== Agree, partly; $30.00 [close] was a resistance point. however resistance in a good uptrend doesnt mean much.Also your bearish point[so to speak ] about the mini contract was right on today, it closed down. Silver maybe like farmland, a fed official recently warned of a farmland bubble, always appreciate a good warning, especially from the powers that be.On the other hand, lots of farmland is bought by farmers or investors with cash, so the Hunt bros margin rule change scenerio may not apply. Fundamentals can be tricky also... I always wondered why some silver dealers for a long time were trying to stop big banks shorting silver[which reduced thier dealer cost basis]???Maybe the dealers did not want another big bank bail out @ taxpayers exspense?? FUTURES mag recently had a somewhat bullish article on silver, but price uptrended up some then. Speaking of big banks; Citigroup[c]looks much more like a good downtrend than silver Interesting the %% of people , when silver or gold uptrends; they talk bearish on federal reserve notes. But all these silver & gold dealers want fed reserve notes/USD. . None of this is a prediction, simply probabilities.
1. Fear 2. Greed 3. Hedge funds pooling their money together to take physical delivery for March and forcing the shorts who cant deliver to pay a massive premium cash settlement.