The metals continue their blast higher this morning, as $1700 gold and $31 silver are now imminent and acting as magnets pulling the metals higher.
Gold is up another $20 to $1675 (capped at it’s daily 1% gain allotment by the cartel), and silver is up nearly another 3% to $30.86.
Silver took out significant upside psychological and technical resistance at $30 yesterday like it was not even there. In electronic access market trading Wednesday, silver touched $30, backed down only to $29.89, and then shot right back to and through $30, and has since put some distance between itself and the round number.
$30 will now provide massive support for silver, expect massive buying to appear on any dips or corrections back towards the $30 level.
Perhaps more significantly, silver has now cleared its 9 month downtrend line from it’s top prior to the leap-day Massacre on Feb 29th at $37.50, confirming the breakout!
Both gold and silver have also cleared their 200 day moving averages, which is another massive technical indicator likely to bring those on the sidelines back into the market on the long side.
Gold showing massive strength as $1700 is acting like a magnet. Expect massive physical buying of gold on any dip back to $1650 .
![[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)
This is great….should be a good fall season as well.
Just Beautiful to see that $1.00 break through!!! When a news station out here in Hawaii mentions Silver is rising and this guy never mentions Silver at all. This is pretty big. However, he did not get into any detail.
I found myself in financial backwardation. The end of the cash showed up way before the end of the month. For the very first time, I was forced to let a few coins slip from my evil grasp. I called around and got a shop to buy them and headed out.
That guy was absolutely barren of silver. He had a few rings and some other junk, but not a bit of Ag in his empty cases.
Grumpy bastard, too. But anyway, I’ve had to eat crow and sell a bit. I more than doubled what I had invested, but I’m still ticked off.
I have to find some way to make more dough than selling the precious. As punishment I’m banning myself from SD for a few days.
Sorry for selling, I blame myself..
Yes, we blame you too! lol
Hey, a guy does what he has to do to get along in this life. I agree that selling the stash is a difficult move to make but poop happens sometimes. Hope that things turn up for you and you can get back to stackin’ the shiny stuff.
I understand why that shop keeper is grumpy. Sales of silver and gold to pawn and coin shops have been VERY slow this summer. My local shop usually has some nice 90% silver coins for me to buy but the last time I was in, he had none at all… and he was not happy about that either. I’m hoping that this business picks up a bit in the fall. Those needing cash and those needing silver need to help each other out a little more.
Why are we not over 31 yet? I just woke up an hour ago expecting mid 31′s. Let’s go people. I haven’t been nailing this one for the last week, for nothing. Put those blinders and ear plugs back on and in, and get your broker to go 100% in G&S TODAY. Every day you wait is one day closer to “TOO LATE, SORRY”.
As the price climbs expect last ditch efforts by the cartel to drag it back down into the 20′s. Keep some fiat for this just in case!
Dry powder is good, Mary, and I have some just waiting to be transformed into something of real value. I suspect that there are quite a few people out there who are in the same boat. If TPTB want to crash silver one more time this year, I am all in favor of that! I can use a good sale. ;-)