In the highly manipulated silver market the breakout I was a little excited about recently has failed. Unbelievably the price has been ‘smacked down’ back into the down trending channel it had just broken out from. Maybe you can make it out on this silver chart below.
It seems certain that large bullion banks can and do push the ‘spot’ price of silver around wherever they fancy (down) via the futures market on the comex, and at the moment, they must fancy that silver was starting to look a little too bullish. Why can they do this? because THEY CAN! Kapeesh!
There is a lot of opinion out there about silver manipulation, there are even some crazy conspiracy theorists, who assert the market is …. … … free and not manipulated. Lol! I might write more about this another time but I certainly think there is ample evidence of gold and silver price manipulation and not only that there is motive from the only people who would have the fiat and resources to do so.
This is why I like bitcoins, no bitcoins futures market, no bitcoins ETFs (yet), no easy way for the price to be manipulated down (yet). Do you think the bitcoin price would be rising like it is if the gov or banks had the power to stop it?
Heres a closer view of the freshly painted all new pretty dismal looking silver chart.
Is a new low on the horizon? unbelievably and against all fundamentals it looks like maybe yes (although I doubt it). If you are already rich from your bitcoin investments and looking to diversify some of that into other forms of wealth. Silver is ‘extremely’ undervalued at the moment, has to be worthy of consideration I’d say. At some point, but who knows when, the next wave of the precious metal bull market will resume and make what happened before look tame by comparison.