Hello Steemians.
As you may already know, $2 Billion worth of silver was dumped on the futures market, at close to 16:30 London time. The 23,000 contracts amounts to 1.15 million ounces.
This sort of manipulation has been going on in the gold market for many years so it isn't very well disguised. As long as there is a paper market, unfortunately, we should expect this to continue happening.
The precipitous drop of over 4% will surely have caused weak hands to panic, but those that have seen this many times before will view it as a great opportunity to buy at artificially depressed prices.
As of Friday the silver price had rebounded back above $18.00 per ounce.
Hold your nerve, don't panic and buy the dips.
Despite manipulation over the last 25 years, gold and silver have shown exceptional purchasing power protection in the long term.
Have a good weekend.