We all thought the start of the US bombing Iran would kick off an increase in the price of silver, which it did. And then it didn't. Now, it seems like silver is trading sideways. What people need to understand is the desperation behind these price moves.
The COMEX is sitting on historically-low silver reserves in the neighborhood of about 86,000,000 ounces. That may seem like a lot, but it's not when the total number of possible contracts standing for delivery outnumber that. The COMEX is having difficulty getting silver to fill their vaults faster than it's leaving. Tariffs are discouraging the export of silver, and the unrest in Mexico isn't helping things in the mining industry. Add in the fact that many companies are now contracting directly with mining companies for their silver, and you can see why they're panicking. If they can't replenish fast enough, they have to try and crash the price of silver if they want to discourage people from taking delivery.
If people lose trust in the COMEX, then they can't make money selling one ounce of silver tenfold while never having to deliver it. We're seeing the game of musical chairs winding down, and seeing the panicked moves they make in desperation. Don't let it stop you from stacking.
Eventually they won't be able to suppress the price. They'll have no choice but to watch in horror as the COMEX becomes a laughingstock. Things continue to get interesting. Grab your popcorn and enjoy the show!
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