Silver Market Update April 14th, 2013
Silver was a sideshow on Friday, as it was gold that came under an orchestrated attack, being driven down first in the Far East before waves of selling in New York took it lower and lower towards critical support, before it was dealt the knockout blow by the London physical market suddenly freezing up in the afternoon, sending holders of bullion into a blind panic and mad scramble to protect themselves in the futures market. Silver was sideswiped of course and the collateral damage it suffered resulted in it breaking below a remarkably clearly defined and strong support level by the close, as we can see on its 3-year chart, a development which has set it up for a potentially brutal selloff and vertical plunge next week, as this has and will trigger stops clustered in this area, and we can expect hapless traders to be driven towards the exits by margin calls sent out over the weekend.
On its 7-year chart we can see that, having breached its key support, there is not much but air below the price of silver now. It is almost a foregone conclusion that it will now break down from the long-term uptrend channel shown, as gold has already on Friday, and drop steeply back to the next major support level, which happens to be in the $19 – $20 area.
COTs and sentiment for silver are already at levels that we would normally consider to be very positive, and we did consider them to be positive until this happened, although, being aware of the danger of failure of the key support and its consequences, we had taken steps to insulate ourselves from harm in the event of it failing as it has. What this means is that if silver now drops steeply towards its next important support level, we can expect COTs and sentiment to get even more positive, and to be useful in helping us to determine when the bottom is in.
End of report
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Whistler Blowers, Insiders
I have posted this on other threads but will do so again here. I was at my local coin shop Saturday and they were out of just about all silver. They had no one ounce government issued coins, ten ounce or 100 ounce bars. I saw the last 32 Maple Leafs leave. I told the guy what I read from the TA guys saying support has been broken and silver prices may go to $22 but he bought the Maple Leafs anyway. The shop only had one ounce silver rounds left and they were being bought too. Tulving is almost out of silver too. Nothing available to sell but prices go down. I wish other things I wanted worked like that. Perhaps the criminal bankers working along side our criminal government could create a paper car and/or housing paper market. They could sell short the imaginary paper price and I could buy a real car or house on the cheap.
I get paid Thursday and will be buying more precious metals. I should say gold. Silver will not be available to me.