COMEX limits only suspend trading for a short period of time. the COMEX can increase a lot in one day because after the suspension time, there is a new up limit that is larger. In silver and gold, the trading suspension rules are different than for other commodities.
An interesting topic - Where will silver be on Monday, and the close of next week, next month, next year ?
Silver supplies are tight. Most on-line coin dealers are out of silver eagles and maples. Comex supplies are low.
For a very long time, people have talking about a massive short squeeze. Could this be the time ? ? ? ?
Just 6 months ago, silver was $22 - now $40. A fast and far move. Sometimes fast moves will retrace, sometimes not. No one knows. Many will guess.
Any corrections of 10% will be a buying gift, for those who want to add to their positions.
Any movement of 10% higher, increases the wealth of those who have already purchased. There will be many 10% moves higher over the next few years.
The big money maker - IMO Will be mining stocks, once the public enters the market. Especially the junior minors, those trading under $10, and NOT in the pink sheets. Then again, a few penny gold miners, if they go to $4, will be a huge profit for those smart enough to sell, BEFORE the bottom falls out.
Will the bottom every fall out of the silver market ? It has in the past, and will happen in the future too. Silver be a bubble someday. Prices much higher than today. All bubbles pop, in due time.
Do you know the cost of mining an ounce of silver? The cost of mining an ounce of gold ? Yet people will bid the prices to extreme levels.
A similar question, is what does it cost to pump a barrel of oil out of the ground. On average for most, it is only $40 per barrel. So why is oil trading near $110 ? The price is what the market will pay.
Just as people are willing to pay $40 or $45 for an ounce of silver. Many wish they had purchased at $10 or $20.
Eventually, joe public will not be able to watch silver going higher, without owning any. Joe Public will start to buy, pushing silver prices far above any rational levle. A parbolic move in develop, and top in silver prices will not be far away ? ? ? ?
There will be steep corrections along the way. It will be a wild ride. Some will make a lot of money, some who use margin will lose a lot of money.
Remember the tech bubble - The move in silver could be similar.