CommoditiesTrader

The Devil's Metal with a 14-Handle

Short
COMEX:SI1!   Silver Futures
Silver has some extreme bearishness built up behind it. I am bullish long-term, but we are very likely to see a $14-hand on the metal. The nearest support is found at $14.62, while resistance can be seen at $15.60 (broken support).

There are some growth worries out of China, which could give short-term support. However, there is endless central bank intervention which could hinder any significant upside. A close above resistance could be an inflection point upward, while more downside testing could be likely.

A US Mint spokesperson reported Wednesday that the silver 2014 American Eagle has SOLD OUT. The Royal Canadian Mint had to put the maple leaf on ration due to record demand. Who said there's no demand?

I would easily play either direction based on price action.

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