If you have a look at the daily chart, it is very very clear that someone does not want the price over 24.50. This is interesting when reading Ted's piece and the paragraph below.
The 10,000-contract long position involves a derivatives’ position equal to 50 million oz at a rough average cost of around $24.50 or so, meaning that if the big new long established over the past four weeks, chickens out and sells out on a three-dollar selloff, the loss would come to $150 million. Conversely, if the new big long gets “lucky” and bails out after a three dollar increase in the price of silver, the gain would also be $150 million, or $50 million per each dollar move in the price of silver – same as if there was a loss of three dollars. And on an initial margin of roughly $125 million, that’s plenty of leverage for the biggest short-term trader.
IVR Price at posting:
4.8¢ Sentiment: Buy Disclosure: Held
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