*Update: a mini-raid began just as we were publishing this morning’s update, with silver being pushed as low as $30.48 before recovering to $30.75.
Gold and silver both popped on today’s COMEX open after trading down throughout the overnight session, with silver popping back to $31 where it spent most of Tuesday, and gold popping back nearly to $1670.
Expect the metals to remain quiet over the next 2 days as traders seem unwilling to initiate new positions prior to Bernanke’s speech Friday at Jackson Hole.
If Bernanke is indeed to disappoint Friday, expect the HFT’s to attempt to front run the cartel’s gold and silver smash and the metals to sell-off right from the COMEX open Friday.
For now, silver seems to be running out of gas near $31.
The cartel continues it’s attempts to cap gold below $1670.
After last week’s big moves, a pause this week is healthy for the overall bull moves in gold and silver, but traders should stay nimble, and stackers should be ready to STACK THE SMACK (perfect timing for this month’s 2-day Small Stacker event on Thursday and Friday at SD Bullion!) come Friday should a cartel raid materialize.