Silver Rolling Over to December Contract (Video)
Silver Rolling Over to December Contract Video by GoldSilverPros
The futures trading data is telling us that silver contracts are rolling over into December. Those who wanted delivery took it in July and August, and we expect a fair amount in September and just a bit in October.
December is now decision month for both gold and silver based upon very healthy open interest for that contract.
Given weak fundamentals such as a) election uncertainty and change of economic regime, b) short term treasury paper coming due to pay for the decimated economy and c) a potential second wave of shut downs, December should see return of healthy gold and silver bull markets.
The weak holders of gold and silver are selling out of their positions, and we may come down to previous support lines in gold and silver of about $1800-$1900 and $22-$24.50 respectively.
We also provide some new data on the 267 new gold and silver bar providers for COMEX, which is further proof that registered inventories of both metals on COMEX are extremely tight.
They are scraping the bottom of the market for any metal they can get. The squeeze in both metals is on for December.