The metals were raided again on today’s COMEX open, with silver smashed from $28.30 to $27.86, and gold $9 nearly instantaneously from $1618 to $1609.
The cartel’s success was brief this morning however, as silver has already retraced it’s entire smash, trading back to $28.27 and above the crucial $28.20, and gold is nearly back to it’s highs for the day as well to $1617.
The cartel continues it’s efforts to cap silver at $28.20, but it appears silver is more than up for the challenge, and is ready to make a run at $29. Through $29, and silver will be back to $30 quickly.
The cartel continues to cap gold at $1620 for the same reasons. Notice gold’s beatdown again began exactly as it touched $1620 overnight, and intensified on the COMEX open.
Keep your eyes on the $1620 and $28.20 levels. It appears to us the cartel is losing their battle zones.
![[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)
The stackers have figured out their game and respond immediatly at the coin shops, you buy and don’t stop buying. This does three things at the very least. 1 It protects your position. 2 you get it on sale. 3 speeds the banksters and their enablers eventual demise.
That’s a little more than a retrace!
Well, it looks like after silver was “smashed” by $0.18 cents at the COMEX open, someone decided to “smash” back to the tune of $0.45 just after London closed.
A hot lady must have just whispered something in silver’s ear, look it’s sporting wood again. LoL..
Gold, too. A morning dump followed by a little short covering perhaps?
Who knows. I’ll take it.
This is a beautiful site to behold. When I awoke today in the Hawaiian Islands. I saw the smash on the Doc. However, now being 6:08 am and enjoying the rise of Silver is a pleasure to watch..Still five hours left and lets see what happens.
Even on a site like SilverDoctors the sentiment and view that we’re going higher this month seems to have been a minority view. You can see an example of that general sentiment as expressed in the silver price guessing contest started Sunday, where very few people are over $30/oz for their guess for Friday’s close. Even my $30.08 prediction for Friday is a bit on the wussy side!
Meanwhile, the switch to steady accumulation was visible early this month, and I’ve been warning all that would look that we witnessed a change in the character of trading, with buyers setting their bids at incrementally higher prices after the seemingly endless testing of the $26 level. At the same time, mining equities were simultaneously signaling the start of a bull run. Click here to see one of the examples of this “raising of the bids” type behavior from August 2nd and my comments about it. That Aug. 2nd upside reversal is actually similar to today, except we now see the product of bid expectations being set at a higher level. What we’ve been seeing differs from the standard “wall of worry” bull market pattern because the lion’s share of the buying pressure since late July has been coming from a small number of very deep pocket, strong hand investors (probably including China). But that will likely change by the end of this week and starting next Monday. We’ll get over $30 by Friday and talk of a new bull run will spread next week, with an incremental increase of buying interest spreading in the retail market and participation by momentum trend following hedge funds accelerating.
I’ve been agnostic about the mega bullish calls from Bill Murphy’s sources and others. A doubling in 90 days is higher than I’d be willing to call. Ultimately, time will tell just how far this run goes. But make no mistake. Things have changed and the cartel, for the time being, is being overrun by physical demand. They don’t have 100% control. This manipulation war has always been one of their managed retreat.
I’m sticking to my call on Aug. 8th, which I think is very conservative: Strap on your seat-belt. We’re about to blast higher. By Sept. 30th, we’ll be deep into the $30s for silver and I’m in the camp that sees strong odds for new highs by the end of Feb., 2013.
If you don’t have at least 80% of the silver you plan to own this year and you’ve been waiting for a pull-back to add to your stack, do consider acting now for at least some of those purchases. Silver is trading like a volcano ready to blow. I think the sub-$26 level is history and soon, sub-$30 will be history as well. It’s managed retreat time.