Description
Silver has plunged from $120 to around $50, and precious metals analyst Ed Steer says the latest selloff is unlike anything he has seen in 25 years. The biggest commercial traders on COMEX have barely reduced their massive short positions despite the dramatic price declines, an unusual development Steer believes could signal a powerful rally ahead. He says managed money traders are approaching historically rare bearish positioning in silver, a setup that has preceded major rallies in the past. Steer is also watching hundreds of thousands of gold call options with strike prices reaching $20,000, warning that a major financial, monetary, or military event could trigger an extraordinary move higher. He believes the decades-long suppression of precious metals prices is nearing its end and expects gold and silver to eventually break to new highs.
Ted Butler's article mentioned in the interview: https://silverseek.com/article/bonfire-silver-shorts
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INTERVIEW TIMELINE:
0:00 Intro
1:05 Silver shorts amid gold & silver crash
23:43 Gold & silver year-end outlook
37:40 Weekly specials
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