Gold and silver are spiking on Thursday’s COMEX open, with silver finally taking out the cartel cap at $35, spiking through the level to $35.20.
Gold cleared the $1780 cartel cap early in Thursday’s Asian session, and consolidated between $1785 and $1790 throughout the duration of the Asian and London sessions, prior to spiking towards $1800 on the COMEX open and setting a new 2012 high of $1796.
We have repeatedly discussed the importance of silver closing above $35 on consecutive sessions, and gold above $1800, and the fact that the cartel has been capping both metals over the past 2 weeks on every approach of $1780 and $35.
We are not out of the woods just as as tomorrow is the September BLS non-farms payroll report, which has historically been one of the cartel’s favorite times to initiate a substantial raid in the metals. Combine the timing of the BLS release with gold and silver’s potential break-out through clear resistance levels, and we will be shocked if the cartel does not attempt to initiate a major take down over the next 24 hours.
*Update: Well, that didn’t take long as Blythe and her monkeys immediately sprang into action, smashing silver back under $35 and gold back towards $1780
The key will be whether $1780 gold and $35 silver turn into massive support after weeks of the cartel defending the levels.
Silver clears $35 on the COMEX open after consolidating above $34.90 overnight:
And is then immediately raided by the cartel:
Gold targeting $1800 with a high of $1796 this morning:
![[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)
Wow, I’m watching a sell off on here. Talk about a vertical decline in seconds. How many paper contracts did Blythe sell just a few moments ago? Anyone?
Maybe it is gravity?
& her band of Flying Monkeys was the implication
Raid going on here down -.35 cents in a seconds it appears..
Same old story…best not to look at the charts too often as the ups and quick downs can get depressing. Unless of course you want to buy more on any dip. Stay focused on the longer term.
Building It’s Okay! Desperation ..
Silver has been pushing $35 for quite some time now, IMO it’s just a matter of time before 35 becomes the new floor.
IF ONLY Because the bank$ter$ can defend $35 levels…
I still think they own lots of mall & TV buyers of PM’s.
And refineries as well…
Kind of hard to follow a chart of a manipulated commodity don’t you think? When a handful of people can adjust the price at will, a chart is useless. Unless you use it to predict human behavior?
The Cartel is powerful but they are not omnipotent. Like any other market, supply and demand remains the largest factor in price discovery. I personally do not use charts to predict future price movements-I don’t think that’s possible. I look at them for what they are-historic price movements and buyer/seller sentiment. As James Turk of GoldMoney posited, the Cartel is not bigger than the market and cannot cap the price indefinitely, what they are engaging in is a “managed retreat.” So what the charts can indicate to us is where the battle lines have been drawn (as shown by temporary price ceilings).
I’m w/THOR!
Could not have said it better myself…
The people which are the cartels and who are manipulating gold and silver’s prices are losing power so it is getting easier to follow the charts. Their paper silver trick is getting old and losing its purposes. Coming soon, the collapse of the cartels!
Hey, it was only about 40M paper ounces sold in 10 minutes….no big deal. They luckily have at least 700t pieces of virtual/paper left…so we are safe. /sarc/
T1Guy, set your time to 1/2 hour increments and you get a sell off of 14,500 contracts during the period at 8:30 Eastern.
That is about 72.5 million phantom ounces. And look, here we are 5 hours later, right back where it was.
Stop and think where silver’s price would be if it weren’t for these monstrous dumps.
Yikes.
Soooooooo, how’d that raid work out for ya? Silver has already shot back up over $35.00. How many naked short contracts did they have to sell to cause the waterfall? It was all for naught. LOL. That short position keeps on building up. Funny, you just can’t fleece the sheeple the way you used to.
There was another massive attempt to drop silver and gold at 21.00 gmt. I am guessing at least 6k contracts in about 15mins but only a 10c drop which was fought throughout.
Did they surrender at 4:30?
Well, there they go again… putting gold and silver on sale so that hungry buyers swoop in and scarf it up. Yum, yum, yum… :-D
Raids are becoming less and less effective, buyers swoop in right away and drive the price right back up, $35.18 ask right now.
I THINK We are getting too analytical of the situation, at times…
does not hurt though. Just don’t not see the forest for the trees!
(keep a wide overview of everything)
I think their RAIDS have become progressively less effective because big investment houses have begun to enter the PM market (ie. PIMCO, Bridgewater). This is good news for us though it would be even better if these funds took delivery instead of just buying paper.
When mainstream big shots like Bill Gross, Ray Dalio, David Einhorn start rooting for gold, you know Blyth and her gang are squirming.
Silver sure did pass 35$ per ounce but I don’t think that it won’t stay like that for a long time because there is also the cartel that can dump a lot of paper silver and crush silver’s price. I think that silver will stay at the 34.50$ per ounce level for a long time. As for gold, I wanted to buy a few pieces but it is hard to find them at my local coin shops since they are sold very fast.