Sunday Night had the Most Fantastic Price Movement in Silver and Gold
It came as no surprise that it was silver that JPMorgan and other bankers were in on the price movements on Sunday night. The market opened at 6PM EST and in less than an hour, the high-frequency traders had the price down to its low tick of the day, which the Chicago Mercantile Exchange reported as $20.25/ounce for the front month for silver. That's a two dollar drop from the spot closing price on Friday...and it all happened in about forty-five minutes. It was reported that only about 1,600 contracts were sold within that hour.
Silver recovered a bit as morning trading wore on in the Far East...and from about noon in Hong Kong, the silver price began a rally that ended with a tremendous price spike at noon in New York...just like gold.
The metals sector created a key reversal. In technical analysis, a key reversal is a crucial change in price direction, signalling an end to either a bull or bear market. For the metals, this might indicate that we have seen the lows?
At time of writing, gold is trading at $1390 and silver is trading at $22.43
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