Spot silver today rose above $69.48, up more than 2% intraday. Reports say total silver inventories fell sharply in a single day, with CNT extraction exceeding 73,000. Prices and data both moved at the same time, and the market suddenly began discussing XAG.
The key takeaway is: this is not a typical follow-the-market move. Analyst AG Thorson, who previously predicted a silver crash with precision, said that the mid-year bottom for gold and silver has been confirmed, but that the short term may see a one- to two-week pullback. More directly, traders have opened large short positions in the $68.5–$69.2 range, with a stop-loss at $69.7 and targets at $67.8–$66.9.
On one side is a physical-tightness signal from inventory declines; on the other is a bet that the price has topped out in the short term. Thorson is bullish long term, projecting silver at $120–$140, but only after the pullback. At this level now, both bulls and bears feel they have a case.
If inventories have indeed plunged, is $69.5 the start of a new leg higher—or the comfort zone for the shorts?
The key takeaway is: this is not a typical follow-the-market move. Analyst AG Thorson, who previously predicted a silver crash with precision, said that the mid-year bottom for gold and silver has been confirmed, but that the short term may see a one- to two-week pullback. More directly, traders have opened large short positions in the $68.5–$69.2 range, with a stop-loss at $69.7 and targets at $67.8–$66.9.
On one side is a physical-tightness signal from inventory declines; on the other is a bet that the price has topped out in the short term. Thorson is bullish long term, projecting silver at $120–$140, but only after the pullback. At this level now, both bulls and bears feel they have a case.
If inventories have indeed plunged, is $69.5 the start of a new leg higher—or the comfort zone for the shorts?