From a personal trader’s “Historic” diary, it is always fun to write a “Futures” diary.
In January 1980, the Texas oil tycoon Nelson Bunker Hunt and other partners became famous for succeeding in cornering the silver market. Prices peaked at $50/oz, and then collapsed to $10/oz. in less than 30 days!
Historically, the only other successful entity that managed to corner the silver market in the past was the Bank of England, when they were the central bankers of the world!

In my previous blogs 2 months ago, I called the top of the silver market when prices were close to $50/oz.
Sure enough, prices peaked close to $50/oz. then collapsed to $35/oz in 1 week!
If this is not a market top, then what is??
I am surprised that gold is still hanging in there, unless there are still investors and commodity funds who believe that we are in World War III.

As of this writing, August Gold (GCQ11) currently at $1545, is unable to break above the all time high close of $1558/oz. If gold prices do not break decisively higher above 1558, then odds favor a major sell-off coming soon.

THAT’S HOW WE PICK A MAKET TOP !!!

Happy Trading,

Risk Disclosure:

There is a risk of loss in trading. Whether it is commodities, stocks and/or options, only risk capital should be used when trading in the markets. Pacific Trading Academy is not a brokerage firm. What we teach our students in the program are not trading recommendations. Our instruction is for educational purposes only.