COMEX Open Waterfall Erases Week’s Gains in Gold & Silver

imagesA classic COMEX open waterfall in gold and silver this morning has erased the week’s gains in both metals.   Silver was smashed over .60 back to a $30 handle, and gold was dropped $20 back to $1665.

We hope you had your Stack the Smack algo running, as both metals have already rebounded strongly off their smash lows.

 

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Silver’s COMEX open waterfall back to a $30 handle:

silver

 

Gold loses entire week’s gains in 5 minutes:

gold

Both metals have already rebounded strongly off their smash lows, with silver bouncing back to $31.40, and gold last at $1675.
Frankly, we are surprised the cartel has not launched an all-out paper attack to manipulate the perception of gold and silver as safe havens in the week of this week’s shocking announcement by the Bundesbank that they will repatriate over 600 metric tons of Germany’s gold reserves over the next 7 years from the NY Fed and the Bank of France.

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Comments

  1. COMEX Open Waterfall Erases Week’s Gains in Gold & Silver
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    This is old news, as of 10:15 a.m. EST.  Silver just went vertical after spiking down below $31.20.
    Same old morning smashdown – which seems to be a frequent occurrence.  Like I pointed out the other day, a savvy (paper) trader could make a lot of money playing during this time frame.

  2. “A DIP A DAY KEEPS THE INVESTORS AWAY”

  3. Hoooold the phone!…we are now at 31.80 and climbing!!!  No dip..a huge BOUNCE!

    • Damn,why doesn’t it dip like this on the days that I go boating?     Nice spike right about the time my new boat capsizes and meets Davie Jones….

  4. I just watched obummer roll the constitution into a scroll ad F**k it. Its time for a Bank Run. Cash out you IRA’s&401k before there stolen, close down your FDIC insured accounts and put only what you need into a credit union. Fill out a new w-4 with 12 deductions and tell the IRS to go print another bond

  5. lmao like throwing a boomerang this morning. already retraced its losses plus added. let’s wait for another attempt at a beat down.
     
     

  6. I just came online and didn’t know what the hell you guys where talking about when I saw the spike. I was confused for a while. Well maybe a little longer. Lol

  7. how anyone could look at market action like that and not understand something amiss is hilarious. the government through its banksters are pissing on our boots and the MSM is reporting that rain showers should continue.

  8. It would appear that buyers have smartened up to this and are now timing their buys to capture these dips. Very strong bounce today. Let’s see if gold can challenge $1700 and silver bust through $32 by the end of the week. Things are certainly getting interesting. 

  9. ‘When I get to the bottom, I go back to the top of the slide
    Then I get to the bottom and go back for a ride
    And I get to the bottom … and i see you again! … Yeah, yeah, yeah!

  10. Selling millions of paper ozs. in the next hour is going to make 100s of thousands in a hard days work for the manipulators. Then they will be able to have their weekend party at the Hard Rock Cafe funded so they can once again act like a high roller.

  11. I think this is normal price movement for silver.  I think the volitility will accelerate in the future as the currency war heats up.  We are in a trading range obviously.  No news here.  When something actually changes we will know it as the price will go up much faster with follow thru.  We got to wait.

  12. Man O’ Man, I am sooooo Happy today! Back in 1961 I wanted to buy a brand new 1961 Volkswagen. This morning I fulfilled my lifelong dream. After saving up all these past years I bought myself a 1961 Volkswagen!!!!!!! Only 467,000 miles! What a find, gonna store it with my stack!
     
     

    • @Ranger, do you know how many marriages have ended after a guy brought home an old car, that looked like this, to restore?
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      I drove a 1967 Pontiac LeMans convertible for thirteen years – from 1978 to 1991 – and it had racked up nearly 320,000 miles before some idiot plowed into the car from behind and totalled it.  If that hadn’t happened then I would still be driving that car today, and it would have gone OVER 467,000 miles by now!!!
       
      Just give me back my LeMans, which I paid $300 for!  It was as reliable as any new car out there today, and it didn’t have all this electronic sh!t…computers, sensors that crap out and cost hundreds of $$$ to diagnose & replace.
       
      Fvck computerized climate control, automatic windshield wipers and give me windows that crank open & closed, and that knob next to your knee that you pull on to open the floor vent.  Oh and give us back those wing-windows on the front doors too.

    • My first car was a 1961 VW.  I had it in the 70′s.  My neighbor had one also but he bought it new.  1200 bucks.  Great car.

  13. @Mammoth
    Shucks, I don’t plan on restoring it. I am just hanging on to it because like Silver and Gold, the value has just got to skyrocket. But Like you Mamm. I loved the days of old when things were much simpler and crusing without the now future of drones overhead. Reckon that they would be suspicious if you were out cruising in your Lemans? The drones would most likely destroy any car that was older and more reliable anyhow. The folks like you and I driving a car like that would be classified as dissendents and clinging to what’s left of our Consttitution 

  14. 0 hedge.com:

    SLV Adds Record 572 Tons Of Silver In One Day
    Lol a quick calculation: one 30kilos bar moved per person every minute, 10 guys in the staff. so 10 bars a minute or 300kilos/min.
    (572000/300)/60= 31.7777 hours to move it.
    It’s safe to assume that bankers work 8.5 hours a day max. Takes 4 full days of the work.
    I believe that this transaction doesn’t correspond to something physical- too complicated.
     

    • their silver is made of paper which makes it easier to move. The concept of them taking immediate physical delivery of this, with no accompanying price movement would normally set off red flags. But this is the silver market. lmao.

    • @canadian dirtlump :
       
      maybe they have a platinum “572tons of silver” coin.

  15. Hey, that looks like MY VW!!!!!
    It reminded me of one morning I had just picked up my rider to go to work.  It had rained most of the weekend, and we noticed there was lots of standing water around.  Anyway, we were behind this city bus and noticed the water getting deeper, but we were on a SIX LANE highway so we figured we were fine.  All of a sudden the bus wrenches to the left, and hits the brakes.  We follow him and nearly hit a car that was stranded in the middle of the lane.  Once we stopped here comes the water in and in no time our knees are below water.  We look at each other swearing (because we had our “whites” on (Navy uniforms) and it wasn’t pretty.  So, the VW stalled and we got out and pushed it to high ground.  My rider, a backyard mechanic, got UNDER my baby blue sweetheart, pulled out the starter, dumped the water, slapped it back in, and we were off again…only in a VW!
     

  16. Gen. Kohler:  Unusual clock, isn’t it?  It has only one cycle. Fifty hours. We have the resources for 50 hours, full-scale attack.
    Col. Hessler: It can be done!
     
    The Battle of the Bulging Gold Prices.

    Let’s see these prices higher and hold by Friday close!

  17. I don’t know about you stackers, but I’m getting some grim stares at the LCS’s yesterday and today.  Seems the white metal is drying up BIG TIME.  Even in a creepingly (is that a word) higher silver price, I’m getting the “Man, go take a shower” treatment from all my “sources”.  Not even RETAIL business is happening.  Can it be happening so soon?  Is it T.I.O.L.I. time already?    Oh, by the way, I bathe daily, LOL!

  18. I need to brag for a moment. I rode this baby to near the bottom, and then back up the other side. 12x leveraged. Unfortunately, I have this magic only on the demo trading account, trading with pennies and I’m useless.

  19. two things
    lead futures tripled in 3 weeks . Ammo back ordered 3-9 months. 
    Silver and gold are lazy friggers IMO
    Buy a mid 70′s Chevy Impala or order Lincoln  Continental of town car   Pre 1972   EMP cant touch it  You can tune it by hand and —it’s a land yatch you can carry all your phyzz in as a bug out vihicle

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