When I look at this chart it just makes me question everything.... well, kind of, but not really that much. You see I have become comfortably numb... that is to the daily machinations of the manipulated silver market. The market where they seem to be slowly loosing control, but still able to massively manipulate short term price.
This U.S. Federal Reserve Note price of silver is quite volatile to say the least. Silver held up quite well along with gold for the longest time today and then suddenly, it didn't and the result was a 9% decline in price from the high of $42.29 to the low of $38.47 in one trading session which is really a very short period of time.
So this "massive" sell off (it really is BIG) is just one more highly manipulative, paper leveraged sell off of my favorite white metal silver. Although it does pain me so, what should I really expect in these uncertain times.
Thankfully, you can trade one ounce of silver for 39 Federal Reserve Notes today, even after the massive "silver crash today" compared to only 8 of the same Federal Reserve Notes (which I call FRNs for short) just a short 3 or so years ago.
I truly believe that the gold to silver ratio is which at $38.90 close for silver and $1651.40 close for silver is now standing at 42.45 will be coming back down to a level of 16 to 1 or maybe even 10 to 1. At today's gold price of $1651.40 that would put silver over $100 per ounce today if it were trading at 16 to 1 gold to silver ratio which is more in line with historical averages.
But for today I will slip into a comfortable state of waiting as I have been conditioned to do during this wonderful, yet volatile, bull market in silver ............ and gold.
