Silver just broke below $30. Normally I’d think this is a bottom — China is closed this whole week for New Year’s, so there’s no balance to the usual NYMEX fraud; any round-dollar number is always a sticking point for silver, and the “tens” are even more so, and the last seven days in a row have been pretty much all down.
But the next COMEX option expiration, always a favorite candidate for a short-term low, is February 25, already only five trading days away. I look at the graph over the past year and see that silver goofed around at $28-ish for almost three months. IMO it’s more likely that “they” just keep working it down toward $28 by then than let it go up for two or three days only to smack it back down to $30 again. I’d rather be buying at $31 if I’ve seen $29 first.