First of all, I have to tell you a funny story.
Yesterday, we had almost 50,000 total pageviews. We had visitors from places like Singapore and Slovenia. Today is, perhaps, the most consequential trading day in the PMs in recent memory yet where has The Turd been this morning? Holed up in a dark office, pouring over charts? In a super-secret meeting with the Wynter Benton cabal? Scheming over a power breakfast with Tyler Durden and Santa? NO.
We are expecting overnight guests this evening so Mrs. Ferguson has had me cleaning and vacuuming for the past hour. I'd tried to explain that good folks from the four corners of the globe were all desperately awaiting to hear from The Great and Powerful Turd. She just shook her head and handed me the toilet brush.
So, here we go.
Silver has been stuck in a 0.30 range since the Comex close yesterday. It seems no one is willing to place any substantial bets on either side until and unless we see Blythe tip her hand. A/o 9:45 EST, I have a last of 31.87. This range will be broken UP or down very soon.
Keep checking back as I will be right here on top of things all day. Its a big day. Let's go get em! TF
10:30 EST UPDATE:
As anticipated by pretty much everyone, the CME has announced that they are raising margin rates at the close today.
They are clearly freaked out by the OI numbers! As we discussed back on Wednesday,
if the margin hike had no effect on price, you could begin to assume that the real deal is happening...a major run and short squeeze on the Comex.
Today is the day. Watch price very closely. We will soon know!