On purely technical levels, both gold and silver have now decidedly broken out of their multi-month consolidation ranges.
Silver needs to clear $30.50-$31 to break out of its 15 month wedge formation and really be off to the races.
Caution is warranted for the rest of the day however, as the Fed minutes will be released at 2pm EST.
As Eric Sprott informed our readers back in June, the silver cartel’s new MO is to raid the metals upon any FOMC speech or release. What we see today is precicely what was occurring back on Feb 29th, as silver had clearly broken out at $37.50 early in the morning, and was then absolutely smashed following Bernanke’s Congressional testimony.
Be prepared to STACK THE SMACK on any cartel MO raid this afternoon.