As expected with it’s strong action through Friday’s close, silver has exploded in today’s London and electronic market trading, blasting .45 higher to $32.28, and slicing through $32 like a hot knife through butter.
We expect some resistance near $32.50-$33. If silver is able to clear this level as volume returns to the markets come Tuesday, silver will likely target $35 in a disorderly move to the upside.
Silver’s gap between Friday’s chart action and this morning’s is significant, with nearly $1.50 separating the price action on the daily chart!:
Silver explodes through $32 shortly after 11am EST:
Get ready for an explosive week ahead as traders return from their summer vacations to find silver nearly 20% off it’s recent lows.
![[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)
$50 here we come!
The commercials have been building up a large short position. It looks to me like they are going to smack it down soon. Get ready to buy!
This rise to $32 and beyond will tell the power of the cartel to force prices down. The last two months of price suppression moves have proven to be feeble and almost half hearted. Where did those 200 MOZ short sale days go?
These attempts appear to have about as much affect on the downward scale as Bernanke’s threatened QE 3 will have on the upside.
I agree with you. I think we might see a preemptive raid just before global QE. The COT was uglier than ever.
But I doubt we will go to 26$ again.
Doc, if your experience of encountering stiff difficulty in obtaining your order (big for you, but relatively small in the global panorama) is indicative of what paltry amounts of silver remain with the bullion banks (pilfered from SLV), then this move may surprise the most optimistic stackers on the list! … Paper Rots, Coin Does Not.
I can’t see the cartel taking huge losses lying down. But is London out of fizz? If so they may be out of ammo. Pat–these reports of non- or slow delivery of large orders seem to be piling up . . .
Oh, ye of little faith. I am pretty confident that $31-$32 is the new base. The raids are no longer thwarting the upside very effectively. I think the raiders are about done, at least for a while. Joe Average is about to start buying, both here and globally as the meltdown of the global economy continues unabated.
AGXIIK says:
This rise to $32 and beyond will tell the power of the cartel to force prices down. The last two months of price suppression moves have proven to be feeble and almost half hearted. Where did those 200 MOZ short sale days go?
These attempts appear to have about as much affect on the downward scale as Bernanke’s threatened QE 3 will have on the upside.
From my perspective, this is similar to the interventions done by the US Treasury and FED. It is taking larger and larger efforts to have an effect and the effects are lasting shorter and shorter amounts of time. But the cartel did not build up those shorts so they can eat them as the price rises past $50 an ounce. At some point they will step aside and let the price run. With that said, I’m pretty sure they are not going to do that when they have a large short position!
And lets not forget, the entire banking industry is starting to be under the microscope for fraudulent manipulation of every market from Energy, commodities, Libor, etc. They are getting more and more blatant in their manipulation of the precious metals, but they are limited in how often then can strike.
I’m thinking in the next week or two we should expect a big smack down. And I’ll be there to buy.
Silver is beginning to buzz like a hornets nest. They might need to go for the Raid Fogger can this round? Instructions: First shake the can vigorously, slowly sneak up on the hornets nest, push button, throw the Raid can and then run!
Looks like we might see $32.50 today. Then what happens? A quick smack-down, or sideways between $32 – $33 for a week? What about all those long liquidations from the COT? Are they planning some volatility?
Just guessing but I think it will hit $32.45 this afternoon, then come back down and end the day at $32.10. Then tomorrow it will probably go back down to $31.50 and end the day $31.74.
LOL! $32.44 the high, and we ended the day at $32.10! Too funny! I’m buying beers for everyone!
I’d be shocked to see a breach of $33. We’ll be back down into the 31s by Wednesday.
$32 silver is not that exciting when gold is at $1700 and palladium is $630.
Those piles of shorts the commercials have accumulated are a consequence of the price capping operation they have been running.
How are these short positions ‘generated’? An entity contractually promises to supply silver (in the near future) at a lower price, right? These are more of a hindrance than a weapon to be used against us. I don’t quite grok the ‘look at their shorts, they’re coming to get us’ scenario.
I see it as ‘look at those shorts, they’re going to be singing the blues if they have to deliver at that price’.
$32 is better than 28, but nothing to go all goofy over. I’ll get excited when I see $42. That would show they are really losing control of it.
Remember, they have the power of the press and a government mandate to keep it down. They can offer up more shorts as they see fit, but those existing shorts will have to settled or cashed out.
Buy the dips and hold fast, same as always. It’s all we can do. I just don’t get that spooked over their shorting program. When the phyzz is gone, the jig is up.
How about a government mandated solution to a silver price explosion and things get dicey. The government says silver must be ‘fair priced’ Remember fairness? Any sales that vary more or less than 10% from a specific set price would be illegal. I think $200 an ounce is fair.
Just kidding. The gummint would never try that. Would they?
You bet they would if it was to their advantage to do so.
Is the market throwing the miners a bone or something? I can’t understand all those shorts to exist in a market that’s obviously like a football that was previously ancored under water, and now about to be fully released. Who gambles that much against a trend, and why? Does the FED have enough reasons and money to?
Silver will move $2 this week towards the upside. It wont meet resistant until it gets close to $35. September 12th fed meeting will determine if it shoots past $40 before election.
Also, any clue why with so many silver shorts on board, only silver moved, and gold stayed asleep?
Silver is the more under-priced metal. Silver is trading at 1/52nd the price of gold, and the mint admitted there were as many dollars flowing into silver as gold. This means a lot of silver is moving, and supplies are going to get tight.
The shorts are a braking mechanism to keep it from roaring back to 50 and beyond. Running up fast? Offer 20 million paper ounces, off in the future, at a low price. The board reflects this as a glut, lowering the ‘spot’ price. But it is a paper glut. A sham.
We wait for the truth.
Thanks, that part i know. Also heard about the relative high silver volume in physical. But is the market all at once acting on such news? The difference between silver and gold is always there in a bull market, but today they were in like 2 different time zomes.
My prediction is Silver and Gold will get smacked back down to $30 resistance during Bernankes next Fed speech. In said speech Bernanke will disappoint again. This will be used by the Cartel to send Silver down hard.
What happended Friday, what is happening today….and what will happen tomorrow is just an opportunity for you to BUY PHYSICAL! Don’t be concerned either way. Wait to the end of this year. When December 31st rolls around…and silver has settled nicely in the 70s per ounce, then you can look back and wonder why you weren’t in a STACKING FRENZY back in September…..
Excellent!!! Keep it going up all week!
Where is the conclusion to the multi year CFTC investigation??? Oh, delayed pending another vote? Another secret memo from the executive branch to continue in the interest of national security? There aren’t any fireworks yet….. so you can bet that nothing has changed…. keep stacking…. we still have time.
Bart Chilton is to appear on Capital Account this week. Cain’t wait to hear what he has to say.
am itching to pull the trigger on more phyzz and get the hell out of my fiat digitals remaining in the bank. From this thread, most people think we will have a smack down ahead, so should buy on the dip. I guess I should wait, but am suffering from the addicts need for another hit….been stacking heavily these past few months and want to go further in. I know the upside is so big, it doesn’t really matter where you get in these days. I just want to get on with it, reach my final position and then sit back. I’m not a trader, so don’t need the extra pleasure from contemplating profits. Been stashing paper money as well as phyzz. Getting closer to my final position, waiting out the day that fiat crashes and silver enters the picture in a big way.
I am getting a high from yanking all my monies out of the bank, getting closer to not needing to be part of the system. It is a liberating feeling. I didn’t realize I would feel this way until I got here! Nothing like being further from the clutches of the man. I recommend it highly…keep a bank account open, but use it only to feed back your cash as needed to pay your bills through ED.
Maybe if you wait, the price of silver will still go up to 35$ and then during September, the Federal Reserve may release their QE3 that will make the price of silver go to 50$ per ounce and because of too much dollars supply, the price of silver may never go back to 32$ per ounce. I remember when I first started to buy silver much was about 1 year ago when silver was at 38$ per ounce, I was worried that high inflation may happen so I bought an ounce and then because of manipulation, it went to 32$ per ounce. It was at this level that I’ve bought most of my silver for 35$ per ounce with premium. Right after my purchase, the manipulation drove the price to 26$ per ounce. At first, I was worried but then I was confident that it’ll reach 32$ again. After about 6 months of waiting, the price of silver is now today at about 32$.
My point is that if I were you I would buy a lot of silver right now with my remaining amounts in the bank.
Keep your eye on the ratio. It’s been sloping down steadily, next target 52. While gold is going mostly sideways or even somewhat down silver keeps going up steadily. I’ve seen this after the last jump and I see it now. Just 2 weeks ago the ratio was what, 59?
The paper game will continue to be played as long as it is profitable for the bankers to do so. We may not see $26 lows again, but I was told that when I was buying at $49. It will go up and then it will come down. Much will have to transpire before the manipulation will stop. The best thing that could happen would be a severe shortage and paper contracts not being able to be filled. I had much hope when that situation was reported. Still waiting for follow-up. If that continues then we will definitely see much higher values.
However, many are still able to purchase their positions and what we may be seeing is a priority on who gets the sliver first? Don’t know, just taking a guess.
Don’t forget Non-farm payrolls come out on Friday
I think it will be somewhat positive. I can’t see it looking bad before an election. If it isn’t positive the fed will probably initiate QE3 in September. I think NonFarm Payroll will knock Silver maybe 50 cents to settle the price at fridays close at about $33.40
Hey Doc!!! Nice interview on the SGT Report. So they don’t want you to purchase Silver! Go figure, because they don’t have it
I don’t see a major price takeoff until the first failure to deliver a large contract of physical.
(S)He who will get it first will be (s)he who will hold it first. That’s where the little folks come in. And that’s probably most of us as well.
Joe Donut is going to buy silver soon.And yes that;s when we;ll be seeing it go up to the moon and beyond. The fundamentals will take over once Joe gets in. If Joe’s early and smart he can do very well in the Stage 2 bull market.
Best all,
R3K
I have a feeling that silver’s price will continue to go up until the week before QE3 will happen, the price will be crushed by the cartel so that new buyers will sell their silver that will make the dollar go up. Once it goes up, the Federal Reserve will release their QE3.
I expect silver to shoot higher once the siver shortage puckers up tighter than a pederast in Super Max LOL