A 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.
Silver’s COMEX open waterfall back to a $30 handle:
Gold loses entire week’s gains in 5 minutes:
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.