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Same Noggers, my last entry was 832p, should have sold a chunk when it hit 940p but I'm done short-term trading FRES as I was wrongfooted for most of 2021, will just hold for now.
The Fed can save the Treasury market or USD, it cannot save both. They will have to implement monster YCC to keep interest expenses lower sooner or later and it appears they have already begun to some extent.
It's completely counterintuitive that when markets experience volatility and selloffs, people dump REAL money and a metal that is a proven store of value over 5,000 years. No one is selling actual physical now, just ETFs to meet margin calls and spivs monkey hammering PMs down to buy the dips. Clown world.
The resistance being the Plunge Protection Team.
Run, FRES, ruuun!
A bit like the silver squeeze in February, FRES had lost all of its gains by the end of the next session.
Here's hoping it holds overnight, silver needs to repeatedly break $30 to find support at that all important psychological level. FRES opened +15% during the last silver squeeze and at one point was +20% but by the end of the next session it had given up nearly all of its gains. Hopefully this time it's different :)
Wallstreetsilver movement is a very inspiring and noble one.
Another poor day and it's continually posting lower closes. I'm not convinced we can simply attribute this to MM shenanigans, even at higher volumes there is still tremendous selling pressure here. Someone or some groups have a lot of shares to offload and until they're complete this will continually track down even if PM prices hold steady.
It's not a question of insolvency risk though, all of these institutions are too big to be fail and would be bailed out. However, if force majeure was enforced, holders would receive the cash equivalent (total bull****) and not the physical silver. This is the crux of the problem as we all know the spot price is suppressed and materially undervalues silver.
JPM is the custodian for SSLN as well so I wouldn't count on that...
10-year yield has been ticking up towards 1.7% again this week...We need higher inflation figures and more negative real yields to push gold towards 1800 and beyond again. That's all that really matters here.
Yes, PHAG is the physical silver UK-listed 'equivalent' of PSLV. However, HSBC is the custodian who are only one rung below JPM on the b*****d scale :)
Shareminator - yes, it's listed on Toronto Stock Exchange and NYSE Arca as PSLV.
PSLV eclipsed COMEX earlier in April actually, as uncovered on r/Wallstreetsilver. I'd love to see silver go parabolic but the mechanics are somewhat different to the first squeeze. Inflows into SLV back in February were actually one of the biggest push drivers. Now, a cynic would say that Citadel (who bailed out Melvin after GameStop losses and are one of the biggest SLV shareholders) funneled investors (particularly retail) into silver and then subsequently took huge profits after it hit $30, dumping it and leaving retail as the bagholder again.
Also, TPTB are better prepared this time to suppress any material spikes in silver, I think they were somewhat caught off-guard last time and distracted by the GameStop saga. On this occasion, they're going to have their fingers poised at the ready and will intervene much sooner, IMHO.
JMAX, if 10-year yield continues to jump up then PMs are going further south and so is FRES, it really is as simple as that I'm afraid.
Volume at >800k is now double this morning when it was in the green; there is repeated block selling here, it is not MM games.
If you wanted reassurance about your position then you've come to the right place mate. Everyone here has seemingly drank 'buy the dips' and 'just topped up some more' Kool-Aid to compliment the 'this is insanely undervalued' main course. Obviously the institutional big boys who have been repeatedly offloading and dumping FRES are mistaken and they should have been perusing the DD on here :)
Two consecutive days now of new 9 month lows, strong 853 support level (twice previously bounced off from) has now repeatedly gone as well. FRES has lost 13% in 10 days with PM prices about the same and after a 'positive' RNS...
Volume is picking up we're at nearly 500k now and SP is tracking down, there's more sellers coming into the game.
JMT1234, agreed regarding intraday overnanalysis and introspection being exhausting but...Intraday movements and their drivers are the most fascinating part of markets! At least for me...