Gold and silver rallied throughout the Asian and London overnight sessions in the wake of Wednesday evening’s downgrade of Spain by S&P.
Gold had risen almost exactly back to $1775 which the cartel has capped for nearly 3 weeks now, and silver had run to $34.44.
What happened next won’t surprise any of our readers, as both metals were once again smashed on the COMEX open.
Silver had a mini-parabolic rally: classic pre-raid action as the cartel attempts to suck in fresh longs just prior to the attack:
Gold also had a vertical move just prior to the COMEX open raid:
Once again the cartel digs in their heels at $1775 and $34.50. Unfortunately for them, after 3 weeks of capping and raids, both metals refuse to break down below $1750 and $33.50. Look for possibly one final attempt at a major smash to induce longs to liquidate, but the strong physical buying in London of both metals makes a move through the cartel caps of $1775 and $34.50 inevitable- it’s just a matter of time.
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Time is drawing thin for the cartel. This new base is solid and looks like the last base at $28, nice and firm. Next leg up can’t be far behind.
Good point….This base is solid and will be the next platform to take off!!
not to worry comrades….
Bart Chilton will get to the bottom of this….
if i didnt believe n sound money as a principle despite these repeated manipulative paper price slams i might b demoralized by now…
but, F-U Bernanke!!!!!!!!!!!
Harvey Organ has been saying for a while that unless the cartel can dislodge the longs in a major way, there could be severe problems in the December delivery month as current silver open interest is around 140000 contracts.
Yet another beatdown since your initial report and predictably it popped right back up. I’d love to be a fly on the wall in some offices as they watch this blow up in their face – not that they are done by any means. I sincerely hope these bastards get their heads handed to them and that criminal and civil proceedings overwhelm the morgue. Payday is tomorrow so I may have to pull the trigger on a tube if the irregulars try something AGAIN..
Keep up the great work.
How much of this is the cartel buying back themselves…
We’ll just have to watch what happens. They throw 51 million ounces of paper silver at us. It snaps right back up and over $34.00 an ounce..Just keep the faith.
Amen NetRanger..
At this point I have evolved from someone who got into silver ( late – post may 2011 crash ) as a prudent investment, a preservation of wealth, and a very convenient “savings account” to ( a couple hundred ounces and alot of education later ) someone who still holds the aforementioned priorities, but also now considers buying physical silver a way to register my disgust at the system and vote with my wallet by extinguishing all my spare dollars into silver.
Finally! Silver is getting down so that this way, I can buy again more silver very cheaply! I missed my opportunity at buying silver when it was at 27$ per ounce. All I was able to buy at that time was an ounce of silver for 28$. The silver price’s low goes up every day. Now, silver can only reach 28.50$ per ounce and it cannot go lower than that.