#Silver “spoofed” below $28-strike with large option position
With less than one day left in what some long-time silver veterans are calling the most important #COMEXoptionsexpiration and delivery period in silver history, the price appears to have been “spoofed” again, to right under the $28 level.
Of course the significance of the $28 level is tied to the #COMEXsilver options board, where there's a large call option open interest on the 28-strike that expires this Tuesday, February 23.
Traditionally the banks are short the options, which means that if that's indeed the case again this time, they would have to start paying out on those calls if the price rises above $28 by expiration.
For those who have been following the silver market for a while, that’s usually when silver sees one of those infamous “spoofs,” that former CFTC commissioner Bart Chilton confirmed in detail in this shocking interview.
Yet that the current commissioners of the CFTC remain stunningly oblivious to.
Perhaps how Tuesday’s trading plays out will be the most current barometer of just how tight the banks’ control of the silver price still is at this point.
Because according to past history, you would expect that they’d be throwing in the kitchen sink to keep the price of silver below $28 today (let alone $29 where there’s another large call option position, or $30 - where there’s a REALLY large position).
In either case, it should be an exciting day of trading in the silver world. Especially just one day before the latest COMEX silver delivery period begins.
For a primer of what to expect, click to watch the video now!
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