The silver market has been on fire since my first video on July 14, explaining the robust activity occurring on the futures market. I am back with an update, and I believe the support on the COMEX futures market is continuing to grow.
At some point, the market is going to have to blow off some steam. We discuss that in this episode.
- Longs standing for delivery has gone from 69.5 to 84 million contracts in 2 weeks
- Open interest in silver futures continues to rage onward
- Inflows into SLV, a silver derivative, are still very high
- Based upon these numbers, I do not see a major pullback in silver coming
- However, based upon some technical analysis, I do believe silver will “cool off” a bit before resuming its upward move towards $35 an ounce.
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