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Gold/Mining/Energy : DISCOVERY BOARD ~ PRECIOUS METALS ENERGY URANIUM OIL
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To: PaperPerson who wrote (4532)1/21/2012 8:33:53 AM
From: PaperPerson  Read Replies (1) of 4690
 
Looking for answers on the astonishing all-day show of strength in silver

This futures market report citing Eric Sprott coming in big in futures and inciting some desperate short covering before the weekend seems the most plausible.

$$$$$$.

FMX-Connect:

As of the globex close, March Silver was up an astonishing 5.4% ($1.66) on the day, crushing big brother Gold (up .76% on the day). Silver was up an impressive 11 hours in a row, starting from 7 AM.



Over the last week, and particularly today, silver saw heavy buying. FMX | Connect Managing Partner Vince Lanci discussed the potential for a breakout higher two days ago in an interview hosted by Kitco News.

Of particular note, when asked his opinion on Silver was “If you’re bullish on Gold you should buy Silver.”

Today’s incredible move was the culmination of a comment made by UBS analyst Edel Tully. He stated that hedge fund manager Eric Sprott may be in the market buying spot futures in a private letter to his clients. With declining open interest in a rallying market, it didn’t seem likely to us, but over the last two days we noted open interest has flat-lined and started to turn upward, a bullish indicator.

Intraday moves did not care about how the Euro did or how gold traded. When Silver crossed the 50-day moving average at 30.90 it left Gold in the dust. While thousands of Call butterflies traded in gold over the last few days,they ended the week essentially unchanged.. But the hundreds of calls purchased over the last few days in Silver proved to be big winners for longs with the May 40 Strike garnering the most interest. Finally, note the commitment of traders shows an increase in commercial shorts (an increase of 1,320). This means the bullion dealers have not thrown in the towel and this could just be a market fading away from an impulsive buyer. We’ll wait and see.
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