With the US attention focused on Hurricane Sandy, gold and silver were unsurprisingly smashed again early Monday, with silver down .60 to $31.58, and gold down around $5 to $1707.
Support at $31.60 failed to break down for the 4th time in silver, as the cartel continues to hammer at the level and tries to force silver back towards $30.
Silver now sharply rebounding back to $32 with a last of $32.01:
Gold also sharply rebounding: gold bounced before $1700 could even be tested again:
Expect volatility to continue throughout the day today and likely tomorrow should the major US markets remain closed for Sandy.
In the meantime, we wish all of our east coast readers affected by Sandy the best, our prayers are with you and your family.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
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Last year when Hurricane Irene closed NYC the Silver price traded relatively flat. The price will probably settle above $32 by the end of the day.
Apparently monkeys can fly in a hurricane.
TO ATTEMPT to “Make Sense” of a Non-Sensie situation is crazy-making, so lets go back and look at the position of the PM complex, as represented by the Bullish % of GDM Index stocks In Bullish P & F formations ( contact me if you want more info on P & F charting).
Here is my take on it, complete with Date targets ( opposing red arrows ) and level targets ( blue arrows) and an analytical look at the current GOLDEN CROSS seen in ALL PM indexes.
Here that is -> http://investordiscussionboard.com/boards/dgta/upside-momentum-reversal-trend-impending-red-circle
Now back to the “Crazy-Making” situation. LONG STORY SHORT = the more times they hammer it down and it finds support, and bounces back, the less time it has to stay down as well as the farther and firmer it must advance. In technical terms they are increasing the length and depth of the base or foundation. I think that says it all. THEY are concentrating on the HOLE and NOT the dounut because that is all they have to work with. Just like when the only tool you have is a hammer, you wish then to see all fasteners as NAILS……. not different.
The Sea Change in PM’s and PM stocks……….we will discuss that in the future on IDB………….
Good luck all.
DG
A 0.60$ drop on silver’s price is nothing because the cartel has the power to lower it even more in one shot. Also, the 32$ per ounce price level stayed there for too long and because of that, I’ve bought some silver too early.