Our lovely friends and overseers at the COMEX once again changed the RULES and Silver gets whacked!
The COMEX raised the margin requirements on Silver futures contracts overnight from $14,000.00 per contract to $16,500 per contract. If holders of the long contract could not come up with the additional $2,500.00 per contract or did not have the cash in their brokerage account the positions were forced to be CLOSED!
Article: https://www.bloomberg.com/news/articles/2021-02-01/cme-raises-comex-silver-futures-margins-by-18-effective-feb-2
The result was obvious.
Notice how this was done while most of America slept and the markets were closed to most of us.
Imagine having gone to sleep "invested" in mining shares having enjoyed extra-ordinary gains in the past few sessions only to wake up to a chart that looks like this:
At the time of this post GDX is off more than $1.00 per share and all because the BIG BOYS were losing so the RULES had to change.
Welcome to the FREE MARKET!
I hope you can see a little more clearly the reasons for my Rebellion.
My Rebel Rant: @handofzara/i-am-a-good-old-rebel-rant-1
Peace out and Stack On!