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Silver spot below $16 by the end of 2017  
 

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Pillar of the Community
United States
511 Posts
 Posted 11/24/2017  09:15 am Show Profile   Bookmark this topic Add leon1998 to your friends list Get a Link to this Message
http://news.goldseek.com/COT/

Weekly Silver futures report showed Commercial Traders' short/long ratio above 2.5:1 as of past week. Their net short position was $7 billion!

Some bullion dealer is selling junk silver at SPOT now, as Thanksgiving special. Last few time they did this, Silver spot dived by almost the same amount as the original premium.

For example, if their premium for junk were $1.49; then spot would drop by just as much later. Therefore, $16 handle might not hold before the end of this year!

Please wait patiently to buy that LOW (around Christmas?); there usually is an uptrend wave during the first 3 months of next year.

Valued Member
Learn More...
United States
288 Posts
 Posted 11/24/2017  09:39 am  Show Profile   Bookmark this reply Add otto to your friends list Get a Link to this Reply

Quote:
Their net short position was $7 billion


This might be interpreted as bullish by some, I would guess.
Pillar of the Community
United States
511 Posts
 Posted 11/24/2017  09:44 am  Show Profile   Bookmark this reply Add leon1998 to your friends list Get a Link to this Reply
@otto,

If Large/Small speculators had this amount of net short position, then you might be right. However, it is commercial traders, which include Banksters; that's not bullish anymore.
Pillar of the Community
United States
3217 Posts
 Posted 11/24/2017  4:20 pm  Show Profile   Bookmark this reply Add fistfulladirt to your friends list Get a Link to this Reply
December has been the time to buy for the last couple years.
When I listen to LED ZEPPELIN...so do my neighbors
Valued Member
United States
54 Posts
 Posted 11/25/2017  6:13 pm  Show Profile   Bookmark this reply Add lmwstamps to your friends list Get a Link to this Reply
Silver does seem to drop towards the end of each year even though December is one of the biggest delivery months. Here's to hoping this year will be different.
Pillar of the Community
United States
511 Posts
 Posted 11/28/2017  10:11 am  Show Profile   Bookmark this reply Add leon1998 to your friends list Get a Link to this Reply
Another HEAD FAKE and RUG PULLED FROM UNDER; by Banksters.

Especially for Silver, it got hit hard today; on the way to $16 after a few weeks.
Pillar of the Community
United States
511 Posts
 Posted 11/29/2017  08:58 am  Show Profile   Bookmark this reply Add leon1998 to your friends list Get a Link to this Reply
Rug pulled, Silver at $16.76/oz now.

Be patient and wait for $16, it's coming.
Pillar of the Community
United States
511 Posts
 Posted 11/30/2017  09:06 am  Show Profile   Bookmark this reply Add leon1998 to your friends list Get a Link to this Reply
Silver spot at $16.44/oz now, downtrend has started.

FOMC might have a rate hike in the middle of December; that's when Silver could hit $16 or less.
Pillar of the Community
United States
511 Posts
 Posted 11/30/2017  7:04 pm  Show Profile   Bookmark this reply Add leon1998 to your friends list Get a Link to this Reply
Many cyber week special and promotion will expire by the end of this week.

Next Monday, Watch Out Below ...
Pillar of the Community
United States
511 Posts
 Posted 12/02/2017  9:54 pm  Show Profile   Bookmark this reply Add leon1998 to your friends list Get a Link to this Reply
http://news.goldseek.com/COT/1512160416.php

Number of contracts held by Commercial Traders: (each contract is 100 oz)
Long
116,831 -8025
Short
363,372 +13,460

Weekly Gold futures report showed Commercial Traders increased short position furiously. Their short/long ratio has overextended to 3.11:1 (At Sept 8th's top, same ratio was 3.09:1; and you know what happened next).

WATCH OUT BELOW.
Pillar of the Community
United States
511 Posts
 Posted 12/05/2017  09:22 am  Show Profile   Bookmark this reply Add leon1998 to your friends list Get a Link to this Reply
Another smackdown day for Silver, $16.20 per oz now.

Short-term target: $15.80
Pillar of the Community
United States
511 Posts
 Posted 12/06/2017  10:58 am  Show Profile   Bookmark this reply Add leon1998 to your friends list Get a Link to this Reply
$15.99 now

Pillar of the Community
United States
511 Posts
 Posted 12/07/2017  09:34 am  Show Profile   Bookmark this reply Add leon1998 to your friends list Get a Link to this Reply
$15.84 now; very likely to retest annual low of 15.20 area.

finger-crossed.
Pillar of the Community
Canada
933 Posts
 Posted 12/07/2017  10:31 am  Show Profile   Bookmark this reply Add 1cent to your friends list Get a Link to this Reply
I've got some US dollars tucked away for just such an occasion, bring on the $10 silver!
New Member
United States
5 Posts
 Posted 12/07/2017  11:10 am  Show Profile   Bookmark this reply Add notsure to your friends list Get a Link to this Reply
Hello Leon, I'm new to this site and to collecting metals. I've been reading this topic and wondering your thoughts on gold. You've been pretty accurate on silver lately and I have saved money on holding out for 10oz bars. I plan on picking up a few bars in the coming days now. But I'm also wanting to pick up some gold, I just don't have a good gut feeling on it though. I feel gold is really overvalued right now. Any tips, am I just uninformed?
Pillar of the Community
United States
511 Posts
 Posted 12/07/2017  1:48 pm  Show Profile   Bookmark this reply Add leon1998 to your friends list Get a Link to this Reply
@notsure,

Your feeling is correct: both gold and silver are overvalued.

However, even in the downtrend, price could still have ups and downs (interim high and low). I believe we're approaching an interim low in a week or two.

If you're itchy to buy, the best bet is to wait for Christmas since there will be specials and promotions which can reduce the premium.

But for the long term, I believe silver will fall to $12-13 region and gold might break below 1,000.

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