Silver has continued yesterday’s impressive move higher, climbing another .80 this morning and is now nearing $37.70. Expect some resistance in the $37.80-$38 range. When silver neared $38 in April, the cartel capped silver in this range for several attempts, making this level of more interest now than it would be otherwise.
For now, while silver has been showing strong signs the past 3 days, it remains in its larger range trade of $33-$39. If silver can clear $38 and hold this level for 2 trading days however, we should see silver break out of this range and attack $40 next week.
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Doc! You must see this! As Sierra said, this is probably why JPM set up their new vault.
http://www.24hgold.com/english/interactive_chart.aspx?title=COMEX%20WAREHOUSES%20REGISTERED%20SILVER&etfcode=COMEX%20WAREHOUSES%20REGISTERED&etfcodecom=SILVER
Ive been watching that chart…but hadnt checked in a few days. Unbelievable! We'll have to get that up!
Hmm…CME data as of 5/23 still shows 32 million registered ounces…..
It's VERY understandable about measurement of wealth in OZ. rather than $'s. If the $ collapses, prices per OZ. in $ terms for gold, silver, even cigarettes and toilet paper, will rise to undefined INFINITY because of DIVISION BY ZERO (the $'s ultimate crash value). This scenario is NOT your typical investment situation where you invest for profit because if the $ crashes to zero, $ profit will not be applicable. The same will hold true as collectible value will be MEANINGLESS. Don't spend a fortune on collectible value, just maximize the # of ounces of gold & silver!
keep stackin!