doodle dog, Reuters posted an article regarding CME/Thompson...

doodle dog, Reuters posted an article regarding CME/Thompson Reuters stepping back from London Silver Benchmark late on Friday. Like most of the key stories its usually posted as everyone goes for a beer after Friday work finishes. There's a surprise.

There is some interesting interview work posted very recently my London's Andrew Maguire online. Presume he will have a link on Silver Doctors website or similar.

There are heaps of underwater positions on GOLD when it retraced from 2016 highs and never made it back to US$1045. It made US$1124 as that is a floor now on the physical market. In truth it is likely much higher and for size in tonnes you need a much much higher price and I am talking in 10's% higher than spot.

The breakdown in paper/physical is emerging and Silver really is a problem within the physical precious metal arena.

Lets see if next week Silver edges to US$18.20 to start with and makes an assault back towards the US$19.01 Trump election day algo gap level. It wants to make it here as its keen to move to trade around US$23-27 soon.

Silver is back to the lower part of the weekly trend channel and made a huge bid to get back to a strong close Friday this is after they threw heaps of notional gold contracts at the price. If you look at volumes the sell downs are lower volume that the up moves by a fair proportion that means the resistance levels are shaky so I predict a swift move back again. Once again these 'people' are even further underwater in their 'long term' short positions. This is going to lead to a shutting down of the market as I see it and forced settlements as this is going to become a real problem soon. The 'Ides of March', 15th March events, Fed pointless Rate Rise coming up, Dutch election, US debt ceiling showdown all culminate in less than two weeks. Its no wonder that CME and Thompson Reuters have stepped away as this approaches. Its not a coincidence. GET READY.

JFI