the jury is out
market vibes
January 30…)
I started writing at 6:30 AM today and I stopped writing at 10:30. I decided not to publish anything because whatever I wrote it wouldn’t help anyone. I said what I had to say last night and there was no point in repeating it. At 10:30 AM as silver broke the overnight session lows I could see in my mind the intra-day margin calls going out. Prices dropped to $90, then $85, then $75, not quite down 40% on the day. Selling in gold, copper, and PGMs was related to silver… not independent of silver, in my opinion. Bitcoin had a conspicuous rally which failed.
This was a day I knew would come on May 10, 2024 when I wrote: “Silver is easy to trade when it’s calm like now. It is insanely dangerous when the other silver, the one that can move $7 dollars in a single session… or $16 dollars from a Thursday morning to a Monday opening (September 22 to September 26, 2011), comes to visit.” Little did I know what was coming would arrive this morning when I wrote the wrap last night. But I was expecting it in December and I got out early (way too early).
Record highs, record volumes, massive intraday margin calls, a key reversal in daily data… a range equal to 40% of last night’s settlement seems to be the final chapter. Or is it? I think the jury is still out.
“whatever silver gives, it takes back double.”
