On this semi-holiday with volume extremely low, silver is struggling to regain the $34 level after the cartel’s vicious raid on the overnight Asian session smashed price below $33.70.
After consolidating between $33.80 and $33.90 throughout the rest of the overnight Asian and London sessions, silver has finally regained the $34 level early in COMEX trading, and is rallying back towards $34.30.
Gold has also just regained the critical $1775 level.
With volume light and commercial net short positions near all-time highs in both silver and gold, it would not surprise us to see another raid attempt after the pit close during the afternoon access market trading. Silver back above $34:
Gold regains $1770, and being drawn back towards $1775 like a magnet:
![[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)
we need a phyzz metal market….NO CERTS.
How can markets even recover from such raids? Does the cartel simply turn down the volume to zero? And who’s buying longs? Industry, actually planning to take delivery? Industry serving the bullion market?
This is a good litmus test. If silver, after such a massive RAID can regain its lost ground quickly, would indicate there is healthy demand and we will see new nominal highs soon. OTOH if silver doesn’t rebound quickly then that means the Cartel was successful and silver will remain in the doldrums for some time.
I am amazed at all of you. Every time the price goes down $.50 to $.75 (CENTS) you cry RAID!!!! Yet when the price goes UP the same amount there is no cause for alarm? These are scare tactics, not raids! A raid results in the drop of silver by the dollars, not cents. It appears the info is becoming one-sided filled with despair and fear. I sold last week around $35.00 because it just made sense. The cutoff price had clearly been made at $35.00. So I sold. It had nowhere to go but down. The market today continues to reveal that the cartel is STILL in control.
Just because the cartel is able to take the price down a bit does Not mean
Anything if they can’t cover at a profit. Seems to me they are running a lot
More buy stops than sell stops. I say let them get short 1 trillion ounces and let’s see
The fallout from that.
anyone know if citi group gave up their silver ? I remember someone saying that there’s going to be a play for citi… barnhardt I think ..
Just roll with it, don’t play the game, stack physical on the dips.
Well now silver’s price is dropping and it is stable at about 33.75$ per ounce. If goes silver back to its lowest price right now, it will be at 29$ because it cost miners that much to produce an ounce of silver. Two months ago, the lowest price that silver could drop was at 27.50$!