Down Overnight, Gold & Silver Again Pop on COMEX Open

August 8, 2012 By 2 Comments

For the 3rd consecutive day this week, gold and silver have made vertical moves on the COMEX open after trading down overnight.
Silver broke through $28 to the downside overnight, and after a brief spike low to $27.80 silver again popped vertically on the COMEX open, and is back above the crucial $28 to $28.25.

If the algo pattern that has controlled silver all week holds, it appears silver has now been capped at $28.25 for the day, and will drift back towards $28 throughout the rest of the day.

Overall, not much has changed, and silver continues to build a broader and broader base from which to begin it’s next major bull market rally which in our opinion is likely to begin prior to the end of August.

 

Gold has also popped $12 vertically on the COMEX open, it’s largest move of the week.  Gold needs to close above $1625 to kick off it’s run back to Sinclair’s $1650 angel, and from there target new bull market highs above the $1910 placed last August.


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Comments

  1. Avatar of SilverHawk SilverHawk says:
    August 8, 2012 at 11:15 AM

    I just read where Marc Faber is getting into Euro stocks.  I agree with a lot of what he says, but this time, no.  Short term day trading, maybe, not longer term.  The better play here is to buy silver at 8am and sell at 11am.  Every day.  Over and over and over again and again and again . . . Woooo I’m gettin dizzy . . .

  2. Avatar of Flying Wombat Flying Wombat says:
    August 8, 2012 at 2:19 PM

    SilverHawk, he’s got something like $300,000,000 or more in working capital between himself and his clients.  With a wad like that, he’s got to spread it around.  He’s been buying EU blue-chip, high dividend paying stocks for the past two months.  As a means of surviving a global currency reset, which may in fact be coming within a few years, ownership of top quality companies is a way to shelter capital.  It’s not ideal, of course.  There are a lot of problems and risks.  But when one starts getting into the hundreds of millions of dollars category of capital, preserving that capital becomes quite a challenge.  He’s already something like 30% in bullion and PM stocks.  Not counting my farm land, I’m over 90% in the PM sector.  But alas, I don’t have the problem/challenge of attending to hundreds of millions of dollars.  :-)

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