Silver is experiencing a massive sell-off today and loses nearly 1.5%, as does oil and iron ore. On the other hand, copper is gaining today. Interestingly, recently the amount of silver in COMEX vaults decreased significantly. Investors pulled out around 280 million ounces of silver last week. Meanwhile ETFs, after a gigantic sell-off in recent months, kept the level of bullion in their vaults unchanged in August.
There is no denying, however, that silver is facing tremendous supply pressure. This week, silver is likely to drop over 7% and cut recent gains by more than 2/3. The negative scenario for silver could reverse if price manages to return above the 50 session average, which coincides with 23.6 retracement of the last massive downward wave and psychological resistance around $ 20.00 per ounce.
Source: xStation5
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