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Surprisingly in the end Volume was less than double Friday!
Some wild prices in the spreads - mainly due to illiquidity I suppose. HK had a 53c range, KN 30c, NU 17 and UZ 21c.
On another note CME Gold Margins going up 10% effective Feb 2nd from $11k to $12.1k. Non-member margins probably 110% of this. Didn't see anything about Silver.
Meanwhile, gold trades an inside day on lower volume and copper prints a little doji right in the middle of last week's range.
Without any participation from either industrial or precious metals, I'd be extremely skeptical of this silver spike. And I certainly wouldn't be paying a large premum for spot right now.
In fact, I'd be almost tempted to look at the GC/SI spread here
Without Gold participation, it is very difficult for Silver. 28-30 is a strong resistance area. On top of that I noticed that reddit community is quite divided on the Silver issue. I took some profits (micro futures part) and I am prepared for a better entry..."Rolling over" in my mind doesn't mean I am always in anyway but signals more an intention to get in contracts after contracts with each good opportunity...My target for Silver is 36
PS I didn't want to write it before confirmation but effectively on top of that CME/COMEX raised margins request on Silver futures effective end of this day
Palladium is primarily used in catalytic converters for cars. It is surprising to see the price increase as the demand for gas powered vehicles will decline significantly in the next decade and onwards.
Silver is being treated like GameStop in which retail investors have identified the massive short positions on the commodity. I have an account in reddit and they are talking about purchasing silver to cause another short squeeze in the market to weed out hedge funds
It is clear that it is extremely difficult to corner Silver's market as clearinghouse (CME/COMEX and others) can increase at will the requirements for margins. Success remains possible with a long term approach where individuals will buy more and more physical silver, gold, platinum as well as physical ETF of the same and as well with precious metals miners, keep them and then...prices will go up...and stay up...