Massive silver squeeze underway
Never trust a quiet market.
An epic Labor Day squeeze is ongoing in the silver market. Prices have shot up 11% in the last 15 minutes in a parabolic move, though sources are differing on prices. Reuters is quoting it at $27.48 but other sources are showing it still at $24. They cite Swiss bank Basler with the bid-ask at $27.48/$27.52.
There are no headlines behind the move and gold is relatively unchanged. Silver futures on comex are closed.
Whatever is going on; here is how it looks on the daily chart, which is now at the highest since mid-June.
This looks like someone trying to take advantage of a sleepy market on thin volume, with stops being run on the way up.
Silver bulls are a particular kind of true believer and they're going to feel pretty good right now.
Even better, the fundamentals are improving as the Fed taper is pushed back to December and the US dollar softens following weak non-farm payrolls.
The Hunt brothers would be proud.
