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Gold and Silver: Breaking Out? Or Breaking Down?

Summary:
Two weeks ago, we published This is NOT the Silver Breakout You’re Looking For. via GIPHY The silver price had gone from to over and the gold price was up about /oz over the same period. Our basis indicator made it clear that the rapid runup in prices was driven primarily by paper traders buying futures contracts (with leverage). To say it was clear is an understatement. It was crystal. Here’s another look at the chart we published: The price of silver promptly dropped around .50. But since then, it is back up to almost the same level. Is this time different, is this move now driven by stackers of physical metal? Or is it, once again, buyers of futures using margin accounts to maximize their hoped-for returns of $$$ on a quick flip of a metal position? Here’s the chart. For

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Two weeks ago, we published This is NOT the Silver Breakout You’re Looking For.

Keith Weiner
Keith Weiner is CEO of Monetary Metals, a precious metals fund company in Scottsdale, Arizona. He is a leading authority in the areas of gold, money, and credit and has made important contributions to the development of trading techniques founded upon the analysis of bid-ask spreads. He is founder of DiamondWare, a software company sold to Nortel in 2008, and he currently serves as president of the Gold Standard Institute USA. Weiner attended university at Rensselaer Polytechnic Institute, and earned his PhD at the New Austrian School of Economics.

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