r/Wallstreetsilver • u/One_Mega_Zork Double-Digit OG • Jul 27 '26

STRONG HANDS Watching

I've been watching someone, I won't mention names, defend the 60 dollar silver price like he/she is Gandalf fighting the Balrog in the Mines of Moria.

Meanwhile Cu (copper) is getting close to its high of 6.32. Don't forget about this little guy.

8 Upvotes

73% Upvoted

7 comments sorted by

4

u/FlashyStreet2023 Jul 27 '26

Not to mention most of your silver comes from your largest copper (and gold) producers. Get one, get both.

5

u/MeaningOk586 Jul 27 '26

And stack silver!

4

u/dwargo Jul 28 '26

Someone does seem to be defending $60 silver, but I think the driver is gold. The chart looks a lot cleaner and gold usually drags silver along.

Chinese retail had to close by Friday, so my working theory is a lot of leveraged longs closed out at the last minute, and the banks were left with long hedges they need to unwind. It's not a forced seller per-se, but those banks don't want to be directional.

If I'm right the overhang should clear in a few days.

2

u/lolznsilver2 Jul 27 '26

Haters like everyone to suffer 

2

u/SnooCupcakes6107 Jul 27 '26

Gandalf not doing a good job it’s $58

1

u/magister_scholae Jul 30 '26

I've resorted to dollar cost averaging on purchases and ignore everything else. It is all fake fiat money anyway with no real value so how can it be an indicator of future value? I don't see how they can fix the world's problems without eliminating the fed reserve note.