*Updated: 2nd wave of attack in progress, silver smashed under $33.70
Friday’s desperate attempts by the cartel to prevent a weekly close about $35 in silver and $1800 in gold were well documented on SD (and even Kitco’s weak attempt to erase the evidence of the massive raid).
This week’s silver COT report revealed that the cartel piled on another 31 million ounces to their net shorts, bringing the commercial net short position in silver to a mind-blowing 289 million ounces.
Thus, it should be no surprise to SD readers that the cartel has just initiated another water-fall decline smash in silver.
Silver had been trading in a tight range near $34.50 over the first 2 hours of Globex trading, prior to being sent down another mine shaft to $34.20. The cartel made 3 or 4 attempts to initiate a 2nd wave of selling, and finally triggered the raid as silver again dropped vertically another .30 to $33.90, and a 3rd wave took silver under $33.70:
The cartel is also attempting once again to push gold under $1775, a level which has held repeatedly.
Clearly the cartel understands just how significant a break through $1800 gold and $35 ($35.50) would be for the gold and silver markets.
Rather than retreating to higher ground, they appear ready to throw everything but the kitchen sink at the precious metals market.
Either that, or a hedge fund just dumped about 20 million ounces of silver on the market in 5 minutes at 9pm on a Sunday evening to ensure they received the worst possible price for their position.