Some Observations About Silver's Recent Breakout Attempt

After a valiant breakout attempt, silver was ruthlessly driven back down—an unmistakable example of blatant market manipulation.

Friday was a frustrating day for us silver bulls. During the Asian and European trading sessions, COMEX silver futures surged to $34.24—rising $1.25, or 3.8%—as silver made a determined push to break through the long-standing $32–$33 resistance zone, which has acted as a price ceiling for much of the past year. The silver investing community cheered as the metal seemed on the verge of a breakout, one that could ignite a bull market akin to gold’s powerful rally over the past year. However, once the U.S. trading session began, silver was brutally slammed back down, erasing all of its gains in a matter of hours.

This wasn’t the first time. As the chart below illustrates, silver has repeatedly attempted to breach this critical level since May 2024, only to face relentless selling pressure at key moments. Each failed breakout reinforces what I believe to be clear evidence of price manipulation by bullion banks like JPMorgan, which are intent on suppressing silver’s true potential. The pattern is all too familiar—silver makes a promising move higher, only to be met with sudden, aggressive selling that halts its momentum and keeps it trapped below resistance.

The intraday price chart highlights silver’s attempt to break above the critical $33 level, only to be swiftly pushed back below it. A massive surge in trading volume accompanied this move, signaling the large-scale dumping of unbacked “paper” silver in the form of futures contracts—an apparent effort to suppress the price. It’s important to note that this wasn’t physical silver flooding the market, but rather paper silver being used to exert downward pressure.

I find that tracking silver priced in euros offers valuable insights, as it removes the influence of U.S. dollar fluctuations, providing a clearer picture of silver’s true intrinsic strength. Silver in euros tends to respect key levels such as €30, €31, and €32, forming well-defined areas of support and resistance. Recently, silver broke above the €30 level—a bullish signal—establishing it as a new support. However, as seen in late October, it once again struggled to clear the €32 level, facing strong resistance at that point.