by David Schectman, MilesFranklin.com:
A note from my friend, Trader David R on gold and silver: “I told you silver going MUCH lower but gold looks like it will see $1550 soon and [we’ll] see from there. I like gold more than silver here.”
Ted Butler, on the other hand, is recommending that now is the time to buy and even suggests call options (which we do not). The selling on the Comex is NOT from the large commercials, i.e. JPMorgan, but from the Technical Hedge Funds. JPMorgan is the buyer and the Technical Funds are the seller here. JP Morgan is rarely on the wrong side of these trades and when these Technical Funds are forced to “cover” their short positions, meaning they must either take delivery, which they won’t, or go long, the move upward will be swift and dramatic. It must happen at some point.
I’m no different from you. I get frustrated and disappointed when gold and silver are stonewalled and are not allowed to rise. But there is a big difference between being disappointed and throwing in the towel.
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