Sunday, 9:59 pm (Hawaii). Or is silver simply out of this orbit? Silver futures have been climbing tonight. Saw it at 33.06. Then 33.10. Now 33.28. Friday's close was 32.30, with SLV at 31.79.
At that ratio, silver futures at 33.28 translates to (maaaaaybe) 32.72 for SLV. That would be a gain of 2.9% for SLV. Of course, between now and Tuesday morning, things could reverse. But it is interesting to track.
Update, Monday 3:28 am (Hawaii). Just returned to the home office. Silver futures now at 33.40, which would translate to SLV at 32.86 if Friday's closing prices/ratio holds. Not getting too excited over something that could easily reverse by Tuesday morning. I've seen much stranger things happen before, especially when banksters and naked shorts are involved.
Update: 9:06 am (Hawaii). Silver led commodity futures today with a gain of 7.25% to 33.86. The HOD was 34.00. At 33.86, it translates to 33.32 for SLV, which would be a gain of 4.8% if it holds into tomorrow's session. Gold (1,407.1.6%) and crude (91.54, +6.26%) also up. Here's a look at commodities.
Update, 3:01 pm (Hawaii). Silver futures now 34.08, translating to 33.53 for SLV. Caution still prevails here, though. Never trust the banksters and diabolical shorts, including those in silver.
Update, 4:07 pm (Hawaii). Silver futures finally pulling back, now 33.95. If it retraces 50% of today's gain, that would be 33.31 or so.
Update, 5:13 pm (Hawaii). The dollar rallied starting around 8 pm (Eastern), which was 3 pm here, and hasn't stopped. Gold and silver futures plunged as the dollar rose, and silver dropped huge in the past 15 minutes, from 33.90 to 33.27. Slightly below that 50% intraday retracement. Now back to 33.36. Still a nice gain from last Friday, but this is the classic example of the market's unpredictability.
Update, 11:35 pm (Hawaii). Well, well. Can't say I didn't expect this. Silver futures, and gold, too, went poof like a balloon pierced by a pin. Great for futures players who bought early in the day and sold above 34. But what's perplexing is how the dollar soared at 8 pm Eastern as silver and gold futures began to plummet. Then, as of a little after 3 am Eastern, the dollar began to sink, but silver futures continue to sink, now at 32.56 — slightly off its low of the day.
No complaints here. If SLV opens above Friday's close of 31.79, I've got a fair shake and can get out with a small profit. However, if the big boys and/or Big Brother decide to spite Silver, they can and the little guys like us are S.O.L. That's the risk of jumping on the bandwagon at the hot, fiery top, if that's what this is and was. Worth the thought to consider the possibility of trading futures in the future. 24/7 trading ain't for everybody. It might be for me, not trading constantly, but having that access since I am normally wide awake while most of this nation sleeps. There are opportunities worth exploring.
Done observing the 5-minute chart for silver futures. Pointless now that silver has given back all its gain since Monday morning. Just watching the daily for much better perspective (non-futures).
Even more presidential reading
Tyler Durden/Zero Hedge: Ongoing overnight short squeeze takes silver to fresh 31-year high (Feb 20 2011)
Benzinga: Picture of Steve Jobs at Obama dinner (Feb 18 2011)
Jake Gint: 'If we are turned before breaking new highs, we may find ourselves right back at Friday's close' (Feb 21 2011)
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