Heavy trade overnight ticking all the right boxes on the way up, currently ~$15 bucks. The facts continue to support the case. GSR is easier by ~2 handles at ~39.40. Silver is heavily driven by the inherent duplicity of manipulated uncovered shorts which is amply documented in the bullionsphere. We are not here to cover silver, but I have concerns that this squeeze ends badly for some and if that's the case we can be sure self-interested, inadequate and patronizing regulators and groveling solons will be waving admonishing fingers. Gold open interest as of last Thursday's trashing was off only ~4,000 contracts, a number which amply corroborates our manipulation implication. RSI is flirting with ~70, the threshold of overbought territory; this should not be a concern until we begin to have a classic reversal. Last week's COT report had the commercials significantly selling again pretty much offset by buying from the large specs. Small punters were insignificantly to the sell side. Today: We've cleaned out the sissies, let's continue to look for measured moves to the $1,500 magnet which might even coincide with $40.00 silver.
http://www.biiwii.blogspot.com
http://www.biiwii.com
