by Andrew Hoffman
On this COMEX options expiration day – and last day of this week’s “COT Report cycle,” whose result will be published Friday afternoon – my guess is the “commercials” were yet again unsuccessful in covering their shorts. Which likely, will push them a giant step further toward their inevitable, spectacular demise. To wit, yesterday’s sharp key reversal, from the prototypical, blatantly orchestrated “Sunday Night Sentiment”; “2:15 AM”; and 8:20 AM COMEX open smashes, resulting in silver prices being higher as I write, than they were Friday afternoon.
The Cartel – er, “commercials” – had a window of minutes to cover their shorts before yesterday’s “surprise” silver surge. And in my view, as was the case following May’s “FOMC Minutes Attack,” it was that very attempt to cover shorts that caused prices to surge, and yet again foil their manipulative plans. Thankfully for them, the tried-and-true 12:00 PM “cap of last resort” still worked – as well as, for now, this morning’s prototypical “Cartel Herald” algorithm.