Liftoff - the price of silver breaks out!

Ladies and gentlemen, we have liftoff!

Yesterday, October the 18th 2024, the price of silver has broken out, reaching as high as $33.7 per ounce. This is a price we haven’t seen for almost 12 years. In the future, when the price of silver finally sets new all time highs, $33.7 per ounce may not seem like an important number. But I want you to remember this date, because yesterday, something in this market has snapped. We don’t yet have the data, but I’m willing to bet that this 6% jump was in large part due to short covering. Speculators who were betting that the price of silver will decline capitulated, and closed their positions at a loss. And since the only way to exit a short position is by purchasing the underlying asset, they were forced to buy it at any price. This is what we call a short squeeze, and it is the fuel which is powering this rocket.

Now, is this the Silver Squeeze we were talking about in the past few years? No, of course not. To the best of our knowledge, most of the short position on silver is held by a handful of large banks. This position is still intact, and it is currently deep under water. Unlike the banks, the speculators who were forced out of the market are individuals and private companies, who don’t have an infinite amount of cash at their disposal. What happened yesterday was nothing but a tiny prelude to the Silver Squeeze that we are anticipating. This rocket has just been launched, and it probably has a long long flight ahead of it.

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Music:
Rise (Cinematic Inspirational) by MichaelSchullerMusic
https://linktr.ee/michaelschullermusic
https://freemusicarchive.org/music/michael-schuller/cinematic-inspirational-music/rise-cinematic-inspirational/
licensed under an Attribution-NonCommercial 4.0 International License:
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