Gold & Silver Explode as Draghi Promises Anything to Save the Euro

Gold and silver popped higher around 6am EST this morning as the ECB’s Mario Draghi stated that he was prepared to do ‘whatever is needed to save the Euro‘ and that the ‘Euro is irreversible‘.
While Draghi didn’t state anything he hasn’t said previously, the market has interpreted the remarks as an indication of massive new easing by the ECB, and gold and silver (along with the European markets) exploded higher.

Silver gained nearly a dollar to $27.86, and gold vaulted nearly $20 to $1621.

Unsurprisingly, both metals have corrected somewhat as the NY market opened.

Remember that today is options expiration in gold- one of the cartel’s favorite opportunities to raid the metals.
Thankfully, any such raid today will now have to begin from substantially higher levels thanks to Draghi’s MOPE.

 

Again, we would like to see 2 consecutive closes above $1600 (and a weekly close for confirmation) and then gold should be pulled to $1650.

Comments

  1. Ag up 35 cents from yesterdays close. Thats not really an explotion but, with TPTB selling paper to hold it down it’s a good rise. All this year TPTB have tried to drive Ag to under 25$ per T-Oz. All the massive paper attacks and other forms of maipulations, such as negative intrest leasing. ALL OF THEIR ATTEMPTS HAVE FAILED!!! They couldn’t even break the 26$ bottom! That is the story of the 2012 silver market! Keep stacking, we are winning, although I will miss the days of 26$ silver when it’s all over and done with! I could live with 500$ Ag-lol.

  2. Hang on. Anything in the $26.00 are is sweet. Bring it on as I go to the LCD. Silver rings true!

  3. Draghi is smoking crack   His horse is the same one being ridden by Dimon in the next post.  The Euro is just a POS horse in the glue factory   The idiots on Wall Street believe this crap and kite the rigged paper markets.  This is going to end so badly that the Dow will hit 6,000 once the sugar water is taken away. Just a load of BS from Draghi, another drone from the Squid bloviating the MOPE for dumbasses.

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