Up 7 cents in after hours check out this info on silver holdings
Silver:
-OI rises a lot
-ZERO oz's received into the dealer AND customer vaults
-HUGE withdrawal from dealer (200, 792 oz's)and out of ALL registered vaults
-Incredibly large adjustment of 642, 786 oz's
-1, 430, 000 standing this month (no change form yesterday)
SLV: no physical left the vaults (there is probably nothing in them anyway)
from turds sight also this is a good read from trader Dan
A quick comment about silver – those of you who have been tuning in to my weekly radio interviews with Eric King over at King World News have heard us discuss its technical price chart. I am still watching for a strong close above the $30 level for a sign that this market is ready to kick up another leg higher. One can see the action of the Bears attempting to hold it down below this level by watching the 3 minute bar chart, as they realize what such a close would mean to their positions. Going into the close, it is apparent that they failed. If silver can stay above $30 the rest of the day, odds now favor a test of the recent high in short order. Keep in mind, as we discussed on our recent radio interview, the COT report shows that last week the hedge funds (managed money) finally began increasing their net long exposure after having whittled that down for the last couple of months. They are now returning to this market and doing so from a sharply reduced long side exposure. There is plenty of room available for them to begin piling back in and that is what leads me to believe that the recent high is going to fall. Also, a lot of guys sitting on the sideline waiting for silver prices to move lower so that they could buy are now realizing that they had better get in. That is what buying does – it begets more buying
Have a great night and hopefully a bright and prosperous tomorrow. If the bears are going to hit this it will be tomorrow to drive it back under 30.
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