And it has been since August. Many are just now becoming aware of this.
Regardless of the internet rumors, yesterday's rise in silver should not have been surprising. Copper had risen almost 10% in about 10 days so silver is playing some "catch up". With price clearly through $30, it will be interesting to see how Blythe chooses to manage the situation. It's Wednesday and we all know, by now, how the EE likes to put the hammer down on Wednesdays. However, with price so close to the highs of last month, she may keep the monkeys in their cages until $31+. If I were Blythe, that's what I'd do. Again, go back and watch this self-serving video from 8 days ago:
Here's a 6-hour March silver chart that surveys the battlefield quite nicely:
Now, here's the other end. IF this Benton person is for real...and if I was in charge of their trading...I'd move enough paper to send price to near 31 then I'd wait, lay low and keep my powder dry. Then, at the most opportune time (probably late session, post 1:00pm), I'd turn the tables on the old bag and jam my big silver auger right through 31 and try to set off all the buy stops I could while I drive price to 31.50+.
Let all the CNBS airbags chatter about "new highs" in silver and trip some algos into buy mode. I'd then help it along the next day, all the while dropping more internet "hints" about who is really in charge.
We'll see. We'll see very soon.
For now, we're off to a nice start. Gold is 1366 and silver is 30.43.
Sit tight. Its going to be a very interesting couple of hours. TF
12:45 EST UPDATE:
A pretty quiet day...so far...with a tight range. The lack of a significant pullback is surprising. Does Blythe believe in Benton and is therefore being cautious???
At any rate, watch the close. A second consecutive close back above $30 should be sufficient to flip a few more algos into "long" tomorrow. A second close above 1365 in gold may do the same thing. Blythe surely knows this so she may try some late day theatrics. We'll see...