Over
a 5 minute period from 10:32-10:37 AM Friday, a massive volume spike
(approximately 40,000 contracts) coincided with silver’s waterfall to
$29.75- a fairly common occurrence during major cartel silver raids. Astonishingly however, 2 minutes after silver marked it’s low at $29.75, approximately the same volume traded over the next minute- spiking silver .15 off it’s low.
It appears that a major buyer stepped in and took on the cartel at exactly 10:39 am on Friday 2/15 as nearly 40% of the day’s volume traded over a single minute.
To put this number in perspective, 200 million ounces is 26.2% of 2012′s world silver mine supply of 761 million ounces!
Submitted by TraderStef
While waiting for another dip buy opportunity and keeping any eye on the Netdania FOREX Silver & Gold charts on Friday Feb 15, I believe I witnessed the ‘smart money’ flip to the long side in Silver and take on the cartel.
Following the usual stop-running paper smack down initiated just after 8am EST, a 40,000 contracts 1 minute buy volume spike (200,000,000 paper oz’s) appeared at a price level of $29.77 at 10:39 am EST. I’ve never seen such large contracts volume on the 1 minute charts. Definitely not chump change. Also, it was not too far above the 61.8% Fib retracement level (using the June 27 2012 low of $26.12 and the Sept 30th 2012 $35.38 high).
Over a 5 minute period from 10:32-10:37 AM Friday, a massive volume spike (approximately 40,000 contracts) coincided with silver’s waterfall to $29.75- a fairly common occurrence during major cartel silver raids.
Astonishingly however, 2 minutes after silver marked it’s low at $29.75, approximately the same volume traded over the next minute- spiking silver .15 off it’s low. It appears that a major buyer stepped in and took on the cartel at exactly 10:39 am on Friday 2/15 as nearly 40% of the day’s volume traded over a single minute.
To put this number in perspective, 200 million ounces is 26.2% of 2012′s world silver mine supply of 761 million ounces!
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