A Comment on Silver
Trading points: Silver – put in a reversal bar, see yellow arrow on the attached graph, which indicates that silver made a new high yesterday at 30.75, and then traded, and closed the below the low of the previous day, in the mid 28s. Open interest, see the violet dashed line, which topped out before silver made its interim high at 29.34, still is declining, and is indicative of a liquidating market. Accordingly, I expect silver to correct to at its previous lows of 25, and quite possibly to the point from which this rally began at 18.
This does not alter my fundamental view that silver will eventually make it to much higher levels, just that silver could undergo quite a substantial correction in the mean time. I sent a purchase put recommendation to the real time distribution yesterday, when silver was about 29.33, about $1 higher from current levels.
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