It has been a long week with some sharp moves followed by sideways trade action. There has been little in the way of fundamental developments as the markets seems to be trading more on technical levels with just a smattering of data and news to either continue momentum or slow it considerably.
Despite the continued technical, paper induced bias to the downside, recent news that the U.S. Mint has stopped silver eagle production is once again being singled as the likely cause for the premium surges now being observed across all physical silver retail products.
The Chicago Mercantile Exchange recently suspended two traders from the United Arab Emirates, Heet Khara and Nasim Salim, for manipulating the price of gold and silver. The two traders utilized a technique called “layering.”
History has proven that 100 percent of fiat currencies have failed the test of time. The average life span of a fiat currency is 40-50 years. With the US dollar now in it’s 44th year it makes you wonder if the end of the greenback is near.
JPMorgan Chase, the largest U.S. bank, one the largest providers of financial services in the world and one of the most powerful banks in the world has accumulated one of the largest stockpiles of silver the world has ever seen.