Silver Price Watch

[STKR]

I don't like the look of this on the weekly charts. Although not impossible, it's very uncommon to have a weekly candle without any tail or wick. It suggests we'll be going lower before we go higher.

 

[pmbug]

Markets are closed in the USA today for Memorial Day holiday. The action is all on you, Europe and China today.

 

[Silver Soul]

I'm reading my weekly chart differently to you! I have my eyes glued to the last candle as it forms for confirmation ( bullish ) for the PoS. Short term hourly charts to me are bullish, and will trade it accordingly.

 

[STKR]

Markets are closed in the USA today for Memorial Day holiday. The action is all on you, Europe and China today.

The Comex is definitely operating.

Oh - haha. I forgot about the time and difference. I assume it's going to close within the next couple of hours then.

 

[STKR]

I'm reading my weekly chart differently to you! I have my eyes glued to the last candle as it forms for confirmation ( bullish ) for the PoS. Short term hourly charts to me are bullish, and will trade it accordingly.

That's doesn't appear to be the live XAGUSD chart. Even the trading view chart mimics the one I'm looking at. Which platform are you viewing this from?

 

[Silver Soul]

I am live that's for sure my chart format is totally different to yours.

 

[STKR]

I am live that's for sure my chart format is totally different to yours.

What trading platform is this through?

 

[pmbug]

The Comex is definitely operating.
...

Hmm.. Maybe it's just the stock exchanges that closed for the day?

 

[Silver Soul]

Do we get another stab at $32 tonight? It sure is looking like it. PoS just keeps on giving at the moment

 

[pmbug]

Today.. .Tomorrow...

 

[Sandy Gooch]

Ere we go!

 

[STKR]

I recall back in the day on SS when we celebrated kilos breaking through $1000. This was after years of them being in the $600-$700 range. Now I look forward to when we break through $2000!

 

[STKR]

Great information in this one. @pmbug Andy speaks on things we've previously discussed, so this video may interest you.

 

[pmbug]

I missed this last week:



Explains silver's apparent weakness this week. Speed bump in the road.

 

[Silver Soul]

Another DXY thumping? Bring it

 

[alor]

 

[STKR]

I don't like the look of this on the weekly charts. Although not impossible, it's very uncommon to have a weekly candle without any tail or wick. It suggests we'll be going lower before we go higher.
View attachment 12329

Mmm. I was suspicious about the lack of tail on that candle. Looking back in the charts, the last time a bullish candle didn't have any tail was 115 weeks ago. It's not impossible, just not likely to go straight up from an open without a pullback. Looks like we finally got it on the Friday smackdown.

 

[ozcopper]

Sounds like the usual shenanigans going on in the silver market. First the margin requirements to trade were raised 9.5% then this: https://kingworldnews.com/wtf-europ...-orders-on-sprott-physical-gold-silver-funds/

 

[STKR]

Sounds like the usual shenanigans going on in the silver market. First the margin requirements to trade were raised 9.5% then this: https://kingworldnews.com/wtf-europ...-orders-on-sprott-physical-gold-silver-funds/

In 2011 they imposed position limits to prevent anyone from placing large positions on silver. Only those who were given "bona-fide hedge exemptions" were able to place large orders. Of course, this was the commerical bankers - giving them more control over the market.

I'm going to look into these EU restrictions. Looks to be anecdotal at this stage. What's interesting about this is the Wall Street Silver movement called for buy orders on PSLV. Maybe they're seeing a massive influx of buy orders from the EU, and maybe it's related to the Wall Street Silver/bets movement....

 

[STKR]

There's more info here on the Wall Street Silver reddit page:



Many other people are confirming the restrictions. Considering Sprott's PSLV is backed by physical silver, maybe the restrictions indicate a shortage of 1000oz LBMA spec bars. Maybe it's just temporary? Maybe it's here for good? If I were Sprott, I wouldn't be happy about this. It all seems like a play to reduce demand of 1000oz bars. As Oz suggested, this development along with the increased margin requirements indicates a desperate attempt to prevent silver from breaking out.