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The silver selloff over the last two weeks has certainly been frustrating, but the good news is that open interest (unsettled futures contracts) in gold has now hit two-year lows, which usually coincides with intermediate bottoms.

The price level we have recently been flirting with, around $21.50, has been a major pivot point at both resistance and support for 15 years now, and we have recently been bouncing off it once again. Meanwhile, the money supply continues to contract at rates not seen since 1929. Quite a year, that one.

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