Gold and silver have gone vertical once again on today’s COMEX open, with gold jumping $12 just shy of $1740, and silver up .50 to $33.95.
Look for the metals to continue their rally ahead of today’s COT cutoff as the cartel likely attempts to hide the true extent of their net shorts from scrutiny in the COT report, as well as free up fresh shorts with which to potentially attempt to smash the metals Wednesday or Thursday after the German Constitutional Court and the FOMC make their respective announcements.
Gold looks set to challenge $1760, and silver looks ready to test $34.50-$35 ahead of the big action later in the week. Expect MAJOR volatility in the metals come Wednesday and Thursday. We recommend any traders either have very tight stops, or else sit this one out entirely as NO ONE knows what the German Constitutional Court will rule on Wednesday regarding Germany’s bailing out the Euro-zone, and even The Bernank himself may not know right now whether the Fed will implement QE3 Thursday until after the German Court makes it’s ruling.
Stackers should have some dry powder ready and waiting, and STACK THE SMACK if a cartel raid materializes.
Silver popping to within a nickel of $34:
Gold closing in on $1740, where the cartel has repeatedly dropped the hammer on the metal:
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
I took a day off just to see what the court ruling will be. If the courts state the ESM is unconstitutional im dropping an extra grand on food within an hour of that decision. If they vote in favor of the ESM we should expect QE3 on Thursday and the sheeple get to graze a few more months.
Watching the up and down silver chart today is giving me motion sickness. The market wants it up but Little Ben, Blythe the master, Jamie the charming and his cartel want it down.
@RocketsRedGlare I also want silver’s price to go down so that this way, I can buy more silver cheaply which means that I’ll be able to buy more silver. If only I could buy all the ounces of silver one month before when my local coin shop was selling them for 28$ while the price of silver was at 27.30. I only had enough cash to buy one. 0.70$ over spot is amazing for an ounce of silver!
I am set on food supplies, could use a few more cleaning items but they aren’t a necessity. I expect a few more take downs by the cartel before things get out of their control. But each take down as of late has not been very effective with prices almost snapping back to the beginning point within hours and sometimes passing them.