Gold and silver are both strong this morning ahead of Bernanke’s 10am Jackson Hole speech, with silver beginning it’s move higher at approximately 2am EST, working strongly higher throughout the Asian and London session, and then popping nearly to $31 on the COMEX open.
This can mean one of two things:
1. Bernanke is actually about to shock the world with a massive stimulus announcement and the word has leaked to insiders.
2. Bernanke will disappoint as we think likely, and the cartel is attempting to induce new suckers (ahem…spec longs) to slaughter as the 10am raid commences.
We shall find out shortly.
Gold also worked higher overnight, again popping on the COMEX open exactly in it’s algo footstep:
Expect major action in both metals shortly.