Perhaps we missed Bernanke’s official announcement of QE3 today, because the metals sure are trading this afternoon like The Bernank just officially announced $3 Trillion of asset purchases.
Gold and silver have accelerated their rise during this afternoon’s electronic access market trading, with gold within a hair’s breath of a weekly close above $1700 with a last of $1694.20, and silver nearing $32, up nearly 5% on the day to $31.88!
Folks, with Jackson Hole now in the rear-view mirror, the gold and silver train is getting ready to leave the station.
Once gold clears $1700 it will target $1800 and from their it is a short jump back to all-time nominal high’s near $1900. Eric Sprott has stated gold is likely to clear $2,000 by the end of the year, and that’s looking like an excellent call at this point.
Once silver clears $32.50 it will move rapidly to $35, and from their, massive stop-loss triggering could send it back through $40 in a flash. We think it likely silver won’t make fresh all-time nominal highs until late Q1 or Q2 2013, but silver is known to become disorderly to the upside during large bull moves.
On Tuesday, volume will return to the markets as traders return to their desks after summer vacations, and today’s explosively bullish weekly closes in gold and silver will not go unnoticed.
Look for big moves early in the week in both metals.
Silver’s nearly 5% move to the upside:
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Gold’s impressive 2.22% move (currently above the cartel’s hard 2% daily gain cap!)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
I have all my plastic on standby ready to max them out buying silver.
What are you waiting for? I’m not being flippant. What’s your trigger?
I am already all in and my smile is just getting bigger every day.
IMHO it would be time to pull the plastic. If banksters are so lax on credit card debt as they have been on the mortgage paperwork they may forget you even owe them. If a total meltdown comes there will be so much chaos that the banks will be going nuts. They don’t know anything but the current order of business. If they have to do things in any honest kind of way there could be a real problem.
Think about how many employees won’t show up for work when they realize the bank has no money to pay them anymore??? Would you be going to work for a bankrupt company that has melted down and has no cash in “the bank”. From all the stories posted that is what all the people in the know have been talking about. Put the risk on them for a change. You can pay later when financial order has been established and metals are priced appropriately.
Order will eventually be restored as even the rich have to eat and send their servants into the marketplace to bring them everyday things. You can bet they will want order restored just as soon as possible and none of them know how to protect themselves. So the BLUE LIGHT SPECIAL IS NOW.
Good Luck and keep stacking. And may God of mercy on us.
Today’s rise in price was one of the highest in 30 years! +$1.34
I have no buying trigger. It’s all DCA without debt.
For me, the concept of buying silver is to become separated from the financial system. To create another hook into the financial system I think is counter productive when buying silver for financial independence.
I know it’s stupid, but it’s just what my brain spits out.
Im all in myself bought $10k worth at 30.00…Most I could spend without wife throwing me out, lol..
Doggonit I new I should have stacked more of that smack!
Silver was 27$ a few short weeks ago… Wasn’t it?
Still a steal no matter the price, while you can still get it.
Greetings fellow SD-ers, been a while since I last visited. This is slightly off-topic but it IS about Silver:
So a few weeks ago I answered a print advertisement by the Littleton Coin Co. and sent in a coupon for one 2012 Silver Eagle and four commemorative 2009 Lincoln Cents, along with a check for $29.35. Well – so far, so good, as the spot price of Silver today beats that!
Received the coins from Littleton Coin Co. yesterday, along with five ‘coins on approval.’ These coins & their prices are:
2003 Kennedy Half Dollars (uncirculated) from the Philadelphia & Denver Mints – $7.95
2009 Native American Dollar – $4.50
1936 Buffalo nickel – $4.75
1945 Mercury Dime – $11.25
Are people really that ignorant and stupid to pay this much for these coins? While $29.35 may be a good price for an ASE, $11.25 for a common-date circulated Mercury Dime is insane, and those date Kennedy Halves & Dollar coins can likely be found at a bank if you politely ask the teller to look for these when she’s not busy.
I’d recomment going ahead and picking up that single Silver Eagle and then returning the other coins and cancelling membership after receiving your order from Littelton Coin Co., as I did.
Outrageous price on the dime! The melt value of the merc. dime is 2,296$ (coinflation.com), Are the Kennedy’s 90% Ag commemoratives? If so good deal! If not it sounds like a rip off to me!
What a day for silver! Wow! It’s a roller coaster if there ever was one but I’ve always loved roller coasters, especially the old wooden ones that are not a smooth ride, adds to the excitement.
If it’s excitement you’re after just keep the money in the bank
“If they have to do things in any honest kind of way there could be a real problem.”
It sure could. They have no experience at that and would not really know how it is done. :-/
“Im all in myself bought $10k worth at 30.00…Most I could spend without wife throwing me out, lol..”
Lol! I hear ya, Chuck. I’m stacked to about $45k in silver, but am not “all in”. This is in ASEs, Maples, 5-oz bars, and US pre-1965 90% coins. The good news is that I used my own money for this so wife does not care. If the financial system bites the big one,though, she WILL care… a lot!
This 5 (Fiat $) price increase for Aug. has been exactly what Bill Murphy was predicting! 32 counterfeit notes and one more to cover any premium is still ok with me! My stack will still grow.
flying wombat turd and brother john both said 32.50 and the big brealout is confirmed, or as turd put it thr battle royole,that is when i use my remaining plastic to add to my stack.
If silver keeps going up like that, then I won’t be able to buy a full ounce of silver. My two other option left is to buy junk silver or start doing coin roll hunting for silver. Now that I’ve already bought 2 silver quarters, I’ll start the option of doing coin roll hunting.
I was having a talk with family today and nobody is even worried about anything happening. I told my nephew that if he wanted to get in on this action he needed to go home right now and start placing orders for silver. The chart we saw on Friday is going to continue. All these rumors circulating about an event going to happen and gov’t buying a billion hollow points isn’t just some coincidence. The S$#$ is going to hit the fan. People are going to lose everything in their 401Ks that is invested in some stock fund or bond. People with some cash are going to start buying metals like crazy and then we will see how much supply there really is.
If you are just starting to buy you better be quick about it because there could be some violent increases in the metals. Many of us have expected that to happen already. I was checking on Ebay and $20 gold pieces and bullion are getting significantly higher prices just in the last week. 2 months ago Libs and Saints were going for 75% of their NGC or PCGS price but now the gap is closing. I have seen some new buyers (with few purchases) paying very near or a little more than the graded price. This is starting to smell like a rush into metals. Imagine how intense the buying will be when gold and silver goes up another 10-20% — more people are going to start figuring something is going on. Cheap prices aren’t going to last very long and several of these big banks have taken a major hit on their stock price. There are going to be some banking sacrifices in the not to distant future. That will get some attention. Take care.