by Steve St. Angelo
SRSRocco Report
Something quite interesting took place in the silver market last week. There was a remarkable change in the dynamics controlling the silver market, indicating much higher prices to come. In my newest video update, I explain the positive changes not seen since silver was racing up towards $50 in 2010-2011.
In my last video update, I stated that the silver price on the monthly chart needed to close on July 31st, above the $21 level, to remain in a BULL MARKET. Not only did it close above $21, but it also closed near the highs of the day at $24.50. However, there was a great deal of trading volatility, especially on Tuesday, when silver fell almost $4 in just a few hours.
I believe this huge $4 correction in just a few hours was likely initiated by Big Traders (Bullion Banks) to liquidate a portion of their short positions as the silver price was getting out of hand. The evidence to prove this was shown in the new Silver COT Report, which reported a substantial decrease in the Commercial Net Short positions.