Code Red

July 17, 2023

by Ted Butler Silver Seek

As a result of data released over the past week (mostly, the last 3 days), it seems clear to me that we may be facing a clear market emergency in COMEX silver futures. I am trying hard not to be alarmist, but what I see alarms the heck out of me – to the point that I believe we are at the most critical juncture in COMEX silver since the peak of prices back in early 1980, when all sorts of emergency measures were enacted to deal with the Hunt Brothers that are debated to this day, 43 years later.

Trading in silver, both on the COMEX and in shares of SLV and other silver ETFs, since the close of business on Tuesday, July 11, has created what appears to me to be a “Code Red” situation, in that prices must soon move sharply higher or lower (or both). I’m not trying to be cagey and describe it in a manner where no matter what happens, I’ll appear to be correct. I’m motivated by something else entirely, namely, I’m almost stupefied by the changes in the official data over the past three trading days and how these changes portend a market that could lose its bearings.