Precious Metals Update

There's been a lot made of the JPM Silver market manipulation and the viral campaign to force JPM to cover their silver short. I really don't know about this, how true the rumors are, whether it's realistic to think people buying silver coins will force JPM to cover the short, but from what I've heard and more to the point, what I've seen, the $29-$30 level seems to be a line in the sand.

First the chart here does not look constructive, the long MACD I use shows a negative divergence and both attempts to break the $29 level have been met with some heavy volume.

The 3C 60 min. chart shows distribution at both attempts at $29

The 1 min chart today, thus far is in line, but until resistance is taken out, I just don't see the odds being very good for long positions in silver right now, at least not any substantial positions.


GLD

 The daily 3C chart above shows distribution at both attempts to break through resistance.


Above the daily chart also shows heavy volume on the breakout attempts

 The 5 min chart above shows distribution that led to a move down on a gap, so far the 5 min chart today isn't confirming the attempt to fill the gap.

The 15 min chart above shows that same distribution leading to the gap down.

Much like SLV, I just don't see either one of these trades (long) as high probability until the resistance levels can be taken out or until we see a healthy run of accumulation indicating that a successful attempt may be made.

As for short positions, other then the occasional quick trade of a day or two, I also am not seeing any outstanding advantages right now. Both SLV and GLD seem to be in a lateral trend and there's not much use in my opinion in having money at risk either direction without a pretty good reason.