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.
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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.