Silver endured a significant selloff last Friday. Was this another step forward in the bull market? This may seem counterintuitive, but GoldMoney founder James Turk thinks it was a positive sign for silver bulls.
The spot price of silver fell from just over $29.60 per ounce to just under $27 before rebounding late in the day on Friday. The timing of the fall was more significant than the extent of the selloff. It indicates that the shorts and price manipulators in the paper market drove the selling action. Silver was arguably overbought in the short term going into Friday, and it was above a significant resistance level at $28. A correction wasn't a surprise given the conditions.
It would just add to their problem of having more promises to deliver physical metal than they own. The physical market is gaining the upper hand over the paper market. The trustworthiness of those never-ending promises to deliver metal in the future are becoming doubted. More and more people are demanding physical metal, both gold and silver.” Turk makes another point that I’ve been hammering on for months.Silver is underpricedbased on the supply and demand fundamentals.
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