Gold Market Wire
News, analysis and commentary for gold traders and investors
Silver Market Update
Silver Crushed by US Dollar Rally
September 29, 2021 - (Gold Market Wire) - It was always anomalous that Silver was still clinging to the 'vine' of $22.00 while the Dollar rallied...and now, that has been put right, with a resounding crash in the Metal - down over 4% on the day, and now, with little technical support beneath it. If we bounce - the wild eyed gamblers could turn their hand to shorting; but we will sit that one out.
Well, we have now soundly established where the speculative money has been left holding the bag - everyone's favorite trading vehicle - Silver! Gold - by contrast is a mere .27% down on the day - and that tell's you quite a lot. The public was riding on Silver as the latest 'get rich quick' scheme - and they got fried, properly.
A little more blood, and soon it will be time to buy.
Needless to say, the Dollar rally we were looking for came across - in spades. We don't think its a short-term phenomena in the least. The Euro and Sterling look ready to run down to lows that few can even imagine right now. The Dollar Bears aka - "The Dollar is Finished! Gold to the Moon!" crowd have been had - yet again.
note: Brent Crude Oil is flat on the day - in the face of a massive dollar rally. That's a tell. Oil is going higher - much higher. Over the next two months to two years.. and quite possibly beyond that horizon line for quite some time - until all that "green" energy and nukes (which take about 15-20 years to bring on-line) come to save the day.