Huge squeeze in silver in a quiet market as prices jump 11%
Massive silver squeeze underway
Never trust a quiet market.
An epic Labor Day squeeze is ongoing in the silver market. Prices have shot up 11% in the last 15 minutes in a parabolic move, though sources are differing on prices. Reuters is quoting it at $27.48 but other sources are showing it still at $24. They cite Swiss bank Basler with the bid-ask at $27.48/$27.52.
There are no headlines behind the move and gold is relatively unchanged. Silver futures on comex are closed.
Whatever is going on; here is how it looks on the daily chart, which is now at the highest since mid-June.
This looks like someone trying to take advantage of a sleepy market on thin volume, with stops being run on the way up.
Silver bulls are a particular kind of true believer and they’re going to feel pretty good right now.
The Hunt brothers would be proud.
