Silver Explodes Past $83 – Squeeze Is On!
COMEX Silver Vaults Drained of Another 1.2 Million Ounces
Huge withdrawals continued Thursday: 626k oz from HSBC, 347k oz from IDSD, and 193k oz from MTB, reducing total COMEX silver to 366,257,039 oz.
Verified: Consistent with ongoing massive COMEX silver drawdowns; recent reports confirm multi-million-ounce daily/weekly withdrawals (e.g., 4.7M oz net on Feb 11 per Kitco News), with total vault stocks in the 300-400M oz range amid physical demand pressure (CoinWeek, Investing.com analyses).
Silver Reverses SCOTUS Tariff Ruling Slam, Surges Past $83
Initial knee-jerk sell-off on SCOTUS overturning Trump's tariffs was aggressively bought; silver soared over $83/oz (up >$3 from lows near $79.80), with follow-up comments noting rapid recovery to nearly $83 and "slowly, then suddenly" momentum. Move toward $90-$92 appears likely per account updates.
Verified: SCOTUS struck down Trump's IEEPA tariffs 6-3 on Feb 20 (SCOTUSblog, Reuters, The Hindu). Silver spot traded volatile in $78-$85+ range today with strong rebounds; intraday futures exceeded $84 (JM Bullion at $85.32 spot, Barchart Feb '26 futures to $84.415), matching reported action and physical/industrial demand surge (Fortune, usagold).
Silver Squeeze Intensifies: Shorts Burning as Price Rips Through $84
Silver broke $84 amid burning shorts and squeeze signals, with bullish momentum continuing into the close.
Verified: Confirmed by live market data; silver futures hit $84.415 intraday (+8.83%) and spot reached $85.32 (Barchart, JM Bullion as of Feb 20 5PM ET). Aligns with structural deficits, COMEX drains, and physical buying pressure noted across Kitco, Seeking Alpha, and Binance reports.
Stunning Fractal Pattern Spotted on Silver 15-Min/Weekly Charts
Analyst @Silverbark highlighted a compelling fractal setup on silver's short- and longer-term charts, shared by the account as a bullish technical signal.
Verified: Technical observation consistent with current price action; silver's volatile breakout above $83 and multi-week uptrend support fractal/pattern-based bullish interpretations in ongoing rally (cross-referenced with live charts from Barchart and market sentiment on Kitco).
Bullion Banks Cover Shorts in Silver (and Gold) Ahead of Geopolitical Risks
Banks reportedly unwinding short positions in silver heading into the weekend amid escalating global tensions described as "WW3 weekend" risks.
Verified: Price strength and rapid reversals align with covering activity; broader context includes central bank/safe-haven buying and physical demand amid Iran-related tensions (usagold daily report, Reuters market commentary). Silver's outperformance and COMEX dynamics support reduced short exposure narrative.