According to NetDania’s volume (which approximates volume from 5 separate sources and is not an exact indicator of volume data) 38,400 contracts, or 191.99 million ounces of paper silver (nearly a quarter of annual global silver production!) were dumped on the market in only 10 minutes between 8:30 and 8:40am EST upon the release of the NFP data.
Screen shot of the paper dump (with 3rd wave of attack in progress) below:
$31 has just been penetrated in the 3rd wave of the cartel attack, but price has quickly rebounded from $30.91 to $31.25.
*Update: Paper dumping has commenced again, with silver smashed back under $31 with a last of $30.77. Expect support to emerge near $30-$30.50.
GOT REAL PHYZZ???