Don't worry, Get Ready and Get Greedy!!!
This is the final shakeout (Down to 20.40 give or take .25c). Then it's rebound time for the metals as there isnt nearly enough metal for May delivery to cover the open interest. They'll be forced to cover or roll over (at additional cost) all the way until the 29th. We should see a powerful rally lasting for the next 7 days beginning on Tuesday.
Good call Karmabeeotch. I think we may see some real short covering on the Comex. There just isnt' enough gold or silver for delivery in their coffers, so they're going to have to either roll over to the next contract (which would be stupid as the global cash pump emanating out of Japan and China, combined with QE4 could set the entire world of perception on it's ear. I view the entire take down of the metals as a Headfake, and the public is always gullible enough to fall for the headlines. For example, if George Soros was selling LAST month, then #$%$ do you think he's doing this month after a 15% drop? OR another example is the media's disingenuous preoccupation with the outflows in Jan and Feb by INSINUATING that this was a surprise and related to selling. It was NOT, it was clearly stated at that time that the BUNDESBANK had every intention of "repatriating" gold held in this country since the end of World War II (300,000 TONNES!!). So yes, people are stupid, they zig when they should zag. They get married to their perceptions and their positions and they won't admit it when they're wrong. It's too late to sell now. We've just turned back up. How long willl it last? My thoughts: At LEAST until the current (May) futures contract expires.
Good call Karma, 20.25 was the low on Asian markets and they took out every stop they could find. Futures are already back up to 21.60. Im thinking your "give or take .25c" was dead on with the call of 20.40.
Ladies and Gentlemen, silver has just reversed....