The Crazy Silver Stackers Were Right
Paper silver trading halted, $50 barrier broken
The CME Group is the world’s largest derivatives exchange operator. Futures and options trading recently halted for about 10-hours due to “overheating.” This outage just happened to coincide with the silver market breaking out, later Friday hitting all-time highs above $56 per troy ounce. Silver is now closing in on the first-ever monthly close above the critical $50 level.
The outage should be a reminder to all of us that “if you don’t hold it, you don’t own it.” The first reason to invest in precious metals is to reduce risk by having something of real value. Why own a derivative of metal if you can hold the real thing in your possession or have it stored securely outside the financial system?
The crazy silver stackers have been vindicated this week in two ways:
Physical silver is king
$50 is no barrier
I expect things are about to get even crazier…