Silver burst out of its week long cap at $30.80 on Monday’s COMEX open, only to be promptly dropped vertically back under $31.
It appears that $30.80 has now been turned into support, and we expect silver to quickly make another attempt to regain the $31 level.
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Silver’s vertical move through $31 on the COMEX open, and subsequent vertical drop back under $31:
With the current extraordinary retail demand in silver, resulting in increased premiums and shortages of retail products, silver is setting up to make an extremely strong move to the upside once the current correction/consolidation is completed.
Gold also rose on the COMEX open, but has painted a mini head and shoulders on the 24 hour chart, which has already been completed with the subsequent drop to $1665.
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In the face of everything positive going for it, as per normal, as we say “we got em right where we want them” we are served with a bitch slapping.
Whacked our heads on the ceiling this morning, didn’t we?
indeed mammoth, and it was captured on video.
https://www.youtube.com/watch?v=k1hTElrRg8I
…at least we are edging toward 31 rather than 29!!!!! Just checked with the LCS’s and no 2013s yet. The premium on “other” eagles is now at THIRTY-SIX bucks a pop. I wonder what the raping on the ’13′s will be. Just remember, ounces count, doesn’t matter how you get to an ounce. My preference is 90% junk. Paying a premium is for novices….
Of coarse silver popped this morning. It is the beginning of my credit card cycle, and I want to buy my monthly roll.
@silverrrrr, check out http://www.goldmart.com, they are selling 2013 ASE’s at just $2.59 over spot.
(Disclaimer – I have never purchased from them; they recently just pooped up on my radar.)
I also prefer 90%, but having a mix is prudent.
P.S. Avoid chinese coins like the plague, because if TSHTF nobody will accept them since there are so many counterfeits out there…
What about the idea that China might declare their silver panda’s as MONEY, saying that all minted before date X get a number of 0′s added for instance?
I am not holding panda’s myself as I hate setting myself up for disappointment, but I could see it happening as a reward to those who were prepared to pay the premium for Chinese money.
@Mammoth: Smart advice on the 90%!l On that Goldmart.com website, nah, no thanks. Credit card fees: 31.95, other methods of payment: 11.95. I’ll pass….
Operation Boner has commenced AGAIN as we shoot past 31… we’ll see if the viagra holds.
@silverrrrr, good catch, I didn’t see the fine print there but of course would’ve caught it if I was ordering. Might still be a good deal, depending upon the size of a purchase. Best thing when buying PM’s would be to find the TOTAL cost of the quantity you want to buy, from a number of retailers, before making your purchase.
Yeah, just to give you an example of how the PREMIUM is jumping like a Mexican jumping bean….the LCS I use (when I HAVE to pay retail) is charging SIX BUCKS over spot for 2012s. (They were expecting their 13′s later today). Something I have been championing for months is the day that paper silver and physical silver price separates. I believe that is happening NOW! And if that is the case, its T.I.O.L.I time (take it or leave it!!!!!!!)Asking SIX BUCKS over spot when new material is coming out any day just goes to show you that it will get expensive. No matter, there is ALWAYS 90% to fall back on….and that too, is getting pesky price-wise. Good hunting. Don’t overpay! No need.
Pump and dump profit taking in the paper market. Nothing new. I will get excited if we get a $2 pop.