Gold and silver have both just explosively broken out of their cartel capping ranges of $32.60 and $1730 respectively, with silver popping just shy of $33 to $32.99, and gold reaching $1735.
Look for a retest of $32.60 an $1730, and should the previous resistance levels turn into support as expected, look for the beginning of a massive gold and silver rally here over the last 6 weeks of 2012.
Silver was repeatedly capped at $32.60 throughout the overnight Asian and London sessions (as it has been for seemingly the last month), as well as in early COMEX trading, but after a mini raid taking the metal under $32.50, silver has popped to $33:
After being beaten down towards $1720 (after being capped once again at $1730 in early trading), gold has made nearly a $15 vertical move, slicing through $1730 resistance/capping:
![[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)
Great stuff, but I will really sit up when silver breaks through the $35 level and stay above it.
You said it Brother, the Resistance Point is $35.00 and not $32.60 and when it goes over $35.00 Fly Me To The Moon. LMAO
@Marchas45 lol The moon indeed Brother.
Yup a solid breakout past $35 will get my attention. These small ups and downs are profit taking by the cartel.
I hope not because not everyone bought enough silver before it goes off and they don’t have enough silver. Even if silver goes to the moon again when it passes 35$ per ounce, there are still some chances that it might go down again just like last time on April 2011.
Silver’s price is like a frog trying to jump out of a hot frying pan, and someone keeps batting him back down into it.
It’s almost funny.
They are probably letting it rise to smack it that much harder just before the FOMC minutes.. Bust the small shorts and the evil longs all in one day.
If they try that, they may well get the surprise of a lifetime. Notice that for the past couple of years, these cartel cretins have had to dump more and more paper at a faster and faster rate to achieve less and less price capping. The shape of this graph is inescapable. If it goes far enough, they can dump all the paper they have, the market will slump briefly, and then prices will rise again. That is their final manipulation death throe, IMO.
Ed_B is right! I also realized that and I’ve started to buy silver on November 2011. I’m surprised at how fast everything is going on on the silver market which makes me wonder how silver would perform after another year.
When will Jp Morgan fall as previously stated by GATA Bill Murphy. This is all I want to know. They can break though to $35.00 an ounce. Does not matter. We where at $50.00 and then came the numerous take downs, drive by shootings and just plain theft of the people.
@NetRanger808 The reason I say $35 is because it is in this up leg a major resistance point. It does matter, because it will determine to a large extent whether we’re going to see more upside or whether we will continue to see volatility below the $35 price level.
I don’t know when the cartel will fall but I can recognize the signs showing the cartel collapsing such as it takes more paper silver to crush silver’s price. So as silver moves on, the cartel is influencing it less and less. Silver will continue to go up especially due to inflation.
Sensationalist write up. I dont think a $.50 rise can be called a “burst through” and gold is back at $1730 and silver $32.74. Hardly bursting, more like having a nose through. If this had been a move to $34 then yes I would have agreed with the headline, but this is just sensationalist.
I Agree with you. All this talk over the last month or so that a breakout is imminent based on this chart or that chart it getting so old. We will know if its a breakout when it breaks out, period.
@Silverbullion- Since October 18th, it hasn’t been permitted to reach 33. An entire month of sub 33 skirmishing. So I would count it a minor victory if it closes over 33 two days in a row.
@I save Silver- The price did go vertical there, by about 35 cents or 1% in a few minutes. It was approaching 33 for only the second time in a month. The headlines are just attention getters, nobody would click it to read about “Little blip up before lunch”.
We be excited whenever things start shakin’.
We’re not ‘Financiers’, we’re enthusiastic silver bugs.
Hey, it’s going for 32.80! woooot!
I know what you mean, It is nice to see the value of my silver stack going up on days like this. Its another day the dow and metals have gone in opposite directions, and I think there will be a lot more of them this year.
@Conax You’re right, I’ve seen that and thought that they’re building a ‘false’ resistance level around $33. lol It would indeed be a minor victory to see it break through $33 and stay there for at least a couple of days. Needless to say, I watch it mostly for entertainment purposes because I know the true value of silver is cemented in its intrinsic value, which one can get at a discount at these paper-manipulated prices. I mean up or down, we score all the way. However, I would love to see some up side in order to see more of the masses getting aboard so that we can educate them along the way.
Egzactly. JPM stock, for instance, is down $2 in the last five days. Whole lotta shakin goin on..
@Silverbullion I’ve tried to disassociate it with cash money prices but fail at that. I bought it with money I worked hard for. When you get your paycheck, isn’t that what they hand you for your effort? We still happily accept our pay because in this society, that is how we transact bidness. When or if I have to sell some I want as much of that same money as I can get. It is the current frame of reference for me and will be until some other method of exchange is implemented.
The gold to silver ratio is one other way to set a value, but even gold is priced in greenbacks.
@Conax It still doesn’t take one iota away from both gold and silver’s intrinsic value. Intrinsic value should not be confused with fiat value. There is a world’s difference between the two.
I think of my wealth in terms of ounces that I own and not on how much I paid for each of them. I tell myself that if silver reached twice about 50$ per ounce in less than 40 years, then why wouldn’t it reach that price level again. That’s how I encourage myself at buying more silver and not get discouraged.
@Silverbullion- Very true, that’s where we’re trying to go. Still a ways off, though.
Cheers!
@Conax Me too. lol
and down it goes again
Congress panel blames Corzine for MF Global fall: http://www.silverstackerhaven.com/index.php?/topic/1653-congress-panel-blames-corzine-for-mf-global-fall/
Much as I dislike just about everything to do with fiat currency, it is still legal tender and people will still give us stuff in exchange for it. Because of that, it still has value… for now. Just don’t fall in love with it is all.
Now, silver is at about 33.10$ per ounce which it went 0.50$ more than that price. I just bought an American silver dime for 2.40$ today, five American silver quarters for 6$ each and six Canadian sterling silver dimes for 2$ each on Sunday.