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Silver Wheaton Corp. Message Board

  • westsalida westsalida Oct 14, 2005 11:25 PM Flag

    rare is good

    from midas / murph

    "One of these coming days silver will rally around a $1 in a single Comex trading session.

    One additional point to make on silver. The market popped nearly 8 cents on the closing bell. Many shorts were stunned and many had no time to cover. The Comex floor said if DEC silver closed above $7.81, it would fly next week, and a close above $7.83 would clinch that. The floor then told my people, "That will never happen because it is too late in the day," as it was trading around $7.78 with 3 minutes left in trading when this comment was made. DEC closed at $7.86.

    What silver did late is VERY rare and further suggests something extraordinary is up. That assessment is supported technically by silver putting in an outside day key reversal to the upside, setting up the probability for some serious fireworks next week.

    The silver open interest went up again yesterday by 711 contracts to 136,729 a new multi-decade high, which gives further indications somebody of size is in there making a play for silver. To do so one must have designs on the physical market. This fits into our Arab story. The pieces of the puzzle all fit so far. Next week could be spectacular."

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