Most silver miners were down today on higher than average stock trading volumes. To me...that is not a good sign especially since the price of silver rose nearly 2 1/2%
However, SLV (Silver ETF) obviously rose in tandem with the price of silver but the volume for SLV was huge...2 1/2 times daily average volume (which has nothing to do with percentage price increase of silver although they were the same today).
So what's the puzzle? Who the heckfire knows where near term silver prices are headed based on today's action? I'm just hoping silver can trade above $30 for the next few trading days which should give some technical strength to a continued rise in the silver price...which would be great for SLW!
Quail-By the time the FOMC minutes were available,regular PM trading was nearing closed. But the miners moved nicely. Today, the metals did their thing but only the gold miners continued their move. Although it will be bumpy, the world is setting up for printing. China will ease. Europe will eventually ease and print as well as guarantee deposits, thus strengthening the Euro. And the tone at the FEd is to watch and wait BUT, a few pieces of bad data and round three will be announced come September. Print-print-print And that's if everything goes well. It gets better if it gets worse.
It appears that the miners are being shorted agin as the likes of JPM cannot stop the rise of silver and are advising it's clients to short miners so as to protect JPM's massive short interest in silver.