The heavy selling began at 06:38 a.m. EST. Here are the details…
Well, here we go again.
Today is the lightest day this week as far as the events calendar goes, which means there are less traders and investors staring at their screens in the early morning hours.
A standard operating procedure of the cartel is to come in during illiquid times and get the selling started!
Here’s a look at gold’s 5-minute chart:
It appears the flush-out begins now.
Here’s a look at that volume spike:
That’s 7,246 contracts at 06:38 a.m., but hey, who’s counting?
All told, it was only good for about a $10 drop in price.
Here’s a look at silver’s 1-minute chart:
If silver starts to outperform gold to the downside, that’s a sweet gold-to-silver ratio arbitrage opportunity for the stacker friendly reasons (lower prices).
Although check-out how silver’s daily chart is being painted:
If the charts matter, the cartel will be looking to push silver under $17.425 on a closing basis, with an intra-day spike low below $17.16 to begin forcing that short-term trend change.
Interestingly, silver traded above $18.05 yesterday morning, but we have yet to close above that price, and since the price action took silver as high as $18.35 last Friday morning, we’re now down some 3.5%:
This will go on and on and on and on until the COMEX is no more.
Why is that?
For the answer to that question, I’d recommend listening to our Craig Hemke interview from Sep 24th:
The indictments pretty much change nothing.
I mean, did anybody not hear the former CFTC Chair bragging about how they crushed Bitcoin?
They can brag about that, but notice the word they avoid at all costs – silver.
The latest indictment is a show trial being run by the revolving door of CFTC-LBMA-Law Firms-Trading Firms.
But I digress.
Here are gold & silver in comparison with the US dollar index:
The dollar hasn’t really moved much at all.
What’s the catalyst for this smash?
To shave-off open interest?
Gold’s COT prep work?
Either way, it’s a gift.
Money’s on sale!
– Half Dollar
About the Author
U.S. Army Iraq War Combat Veteran Paul “Half Dollar” Eberhart has an AS in Information Systems and Security from Western Technical College and a BA in Spanish from The University of North Carolina at Chapel Hill. Paul dived into gold & silver in 2009 as a natural progression from the prepper community. He is self-studied in the field of economics, an active amateur trader, and a Silver Bug at heart.