Marshall just sent us an important update on the silver market. With the roller-coaster ride since last week, the timing couldn’t be better…
Marshall sent us a chart last Thursday, and said to be on the look out for something today.
We just got another one of his charts – fresh off the presses.
On Thursday, Marshall’s stops were not yet triggered, and he saw stabilization indicators in silver, but not in gold.
He was going to do a write up, but things have moved so fast in such a short time, that graciously charted out silver for us and sent in an email.
Marshall says on Friday gold was hit, but he says today both metals are getting pummeled in preparation for contract expiration.
So far, Marshall doesn’t see any stabilization moves by the commercials and no indications of a position reversal, so he is patiently waiting for the bottom.
“I covered at $16.63, so $.50+ per ounce. I’m just waiting on the next opportunity to go long and put my money where my mouth is with 25 contracts.”
Marshall said he wouldn’t be surprised if the raids continue through Wednesday of this week.
He says expect silver to rebound after the bottom, and this will deepen the gold to silver ratio with the next attack on gold.
The COT Report shows, as in the past, that the commercials have lined up shorts to the spec long positions as a way of using powder for their short covering raids.
Marshall sent in these charts, as well as a URL discussing $100 oil with the remarks “Counting down to July 20, 2018”.
Enjoy these charts in full size in a new tab by clicking on them