Gold and silver were sold hard beginning with the 4am London open, and intensifying with this morning’s COMEX open.
Silver has been smashed back under $31 to $30.79, and gold has been hammered back under Sinclair’s $1650 to $1642!
Silver’s sell-off began with Monday’s London open, and intensified with a classic waterfall decline on the Monday COMEX open:
Gold also was continually pounded lower throughout the London session, with the raid culminating in the vertical mine-shaft drop on the COMEX open to $1642:
Both metals have bounced off the worst of the lows, with gold bouncing back to $1650. Gold will need to quickly get back above $1650 to prevent a 2nd wave of paper selling likely taking the metal near $1630-35.
Silver has bounced back above $31 and regained the level, but don’t be surprised to see the cartel attempt one final smash this morning to get the week started off nicely for Blythe and her monkeys.
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Eh…
Last ditch effort to shake out and rob the paper longs! Man I’ve got to find some cash, somewhere.
Yes, it’s another last ditch effort, just like the last 137 efforts. I’m sorry to say there is no end in sight to the manipulation of these prices. It’s hard to make money in this cluster-f market. I guess all a person can do is buy when he thinks the price is cheap, and bury it it the back yard for your children and grandchildren, because we’re fucked.
@MrBoompi Perspective and understanding reality; Stacking silver is not about ‘making money’ it is about preserving wealth. Silver is doing it’s job quite nicely.
Short WFC, NFLX, JPM, AAPL, BAC, C, KBH
I get my figures form Netdania, and according to their data, silver’s low today was $30.93. So where does the figure of $30.79 come from?
Even when I drill down to ‘ticks’ the lowest I see is $30.93.
This is not the first time I have seen such discrepancies, but it’s the first time I’ve bothered to comment about it on this forum…
What gives?
Some sites quote the spot price others the near month.
Thanks UD!
cue the “why does it always have to be manipulation” comments from the guys around here who still dont have a clue…
London – then at the Comex open just like clockwork…
and guess what 2/13/2013 is??????????
wait for it…………………………………………..OPTIONS EXPIRY!!!!!
yeah, aint nothing funny goin on in the Silver and Gold phony paper markets….NOTHING AT ALL………..
What do you mean? Prices fall just before the expiry every month
Well a big reason the prices fell today is that every market in China is closed today until the 13th for their New Year. This is why the paper markets are not efficient. Just because the market is closed here in China does not mean the demand just dropped off the face of the cliff, it is just a delay; but the paper markets in the West interpret it as a huge chunk of demand disappearing as if this will be the norm in the next few months.
KS…my calendar shows Feb 25 to be options expiry not the 13th. I saw the -Feb 13- you referenced, but that was short for expiry dates in -Feb 2013- keep looking more to the right and you should see Feb 25
ich1baN…another great observation from your home court. Thanks.
Not Concerned. Its been trading between $30-40 for almost two years now. Same thing happened in 2009-10 when it traded between $10-20. It will breakout eventually past $40 and when it does its shooting straight to $60-70 within 3 months. The question is when? My personal opinion is it will breakout somewhere late 3rd or 4th quarter 2013. We have to wait for the government clowns to raise the debt ceiling and postpone spending yet again.
Short SCHW, GS, IBM, AMZN, GOOG, AIG
throw a dart, short a stock
Go figure , Asian lunar holiday all week they arent trading all week, great week to smash and cover!
Wake up Bart!!
organic price action. changing gears, the metal cheerleaders continuing to look like fools with their prognostications. they’ll be right someday. not today. tomorrow doesn’t look good either.
I’ll need to have a look at my stack tonight to cheer myself up.
I am doing very well with silver preserving my wealth. Could care less what ‘they’ say.
I think JS is right in his prediction that something big is going to happen within the next 2 months. CEOs are massively selling their own stocks. Follow the money section in http://www.beforeitsnew.com
Sure, it looks awful. Op ex, Chinese holidays, FOMC meetings, debt ceiling trigger on Friday, all these things factor into it.
We have no regulation of the biggest players. Is it any wonder they can blister our butts today?
Taking the long view, the Ag I bought in August of 2007 is up 200%. ($10.41 an Oz) Less than six years, up 200%, oh woe is me!
The paper market is their sandbox and they can poop in it if they so desire.
When they have succeeded in exporting it all to the East, we will see if they can maintain their controls.
And that day approacheth.
AHHHHHHHHHHHHHH just came online and I see another smack down, what the heck, I’m trying to sell some of my silver to pay taxes and you do this to me. Lucky I bought at $26 so I won’t be losing. Come on closing, so I can buy some more.
M45…How about become ground zero for a tax revolt instead?
I am debating parting with a little to get some reloading supplies
If we see nothing else from this the gold to silver ratio is about 53 to 1. Trading at that level could be a good exchange rate
I believe in silver. And gold. I do believe it is a way to preserve wealth, but how many times are we going to see “Silver to hit $200″ without thinking about the boy who cried wolf? I know Ben’s printer should be running out of ink, but…….
@MrBoompi Don’t pay any attention to the pundits, look what’s happening around you and just listen to your inside and Keep Stacking.
I never think about it anyway, predictions are worth about a dime a dozen.
Hit it again (100) on the dip, @ $31.00!
In other news SGTReport is being hit with the Malware signal again..