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Weldon's Mini-Metal Monitor: Silver Lift-Off

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The white metal is fast becoming white hot.

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We have opined that the Launching Pad Pattern would be reconciled with an upside ignition, and lift-off.

We have maintained focus on the spreads, waiting for signs of life.

BINGO! We spotlight the LONG-TERM, ONE-YEAR May-06/May07 COMEX Silver swap, on display in the chart below.

Clearly, there has been a dramatic REVERSAL, from widening contango to a narrowing trend. Indeed, it took only days to reverse nearly HALF of the contango widening it took the market MONTHS to 'price.'



With the expiration of the March COMEX Silver contract coming into the sights of speculators, we observe the nearby spreads and the reversal in the March-July swap traded on COMEX, as evidenced in the chart on display below.

Specifically, we focus on the six-cent rally in place since the low was set last Monday.



Note Zinc.

Note Lead.

Note Platinum.

Note Pan American Silver (PAAS).

Note the entire spectrum of metals and Silver has SEVERELY LAGGED.

The white metal is fast becoming white hot.

We ask again, Got Silver ???
Position in PAAS and Silver
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