beach ballGold and silver launched vertically on Thursday’s COMEX open, as Europe’s bitcoin hysteria in the wake of the Cypriot wealth tax appears to have finally spread to the only true safe haven currencies, gold and silver. 

Silver sliced through $29 and jumped nearly to $29.50 immediately, while gold jumped to nearly $1620.
After continual capping throughout the overnight Asian and London sessions, silver exploded to the upside once resistance at $29 was taken out:

silver

 

Similarly, gold made a 2-step vertical move to the upside after $1610 was breached:

gold

With the FOMC behind us and the strength of this morning’s move to the upside in both metals, it is becoming more likely that significant long term bottoms have been placed in both gold and silver.  Jim Sinclair recently stated that gold will never be seen under $1600 again, and we believe the same is highly likely for $20 handle silver.
The window appears to be closing on the excellent buying opportunity gold and silver have offered over the past 6 months.

 

2013 Silver Eagles As Low As $2.59 Over Spot at SDBullion!

  1. IF we go through $1700 and $32.50 before the end of the month, then I’ll be interested!
    All the same, good to see, although, this will be smacked down again at the moment.

  2. LMAO Explodes!!!! come on Doc it just went up a few cents and it’s deemed to be crushed again to the $28,70 area by the forces that be. As for me I’m waiting for the big upward spike over a $1 at least and then when it goes over $35.50 that’s when I really get interested. Lol

    • It is getting very difficult to decide who is more deceiving – the so called ‘cartel’ with their price manipulation or all the guru’s with their bombastic headlines and articles. I am sorry to say but both sides are guilty of manipulation of either price or information. As a loyal and frequent reader, this it is getting more and more disturbing – cartel of gurus against cartel of bankers.

  3. Looks like Andy Hoffman’s “cartel herald” has made an appearance in both gold and silver charts. I wonder how gold and silver will handle the favourite bankster attack time of ten a.m. as per the chart below.
     
     

    • @PowerBall
      Think about it.
      What would have happened if they’d gotten in down to $26 again? Don’t forget that the suppression is a tool, not the goal. Accumulation and monopolization, IS.
      You saw the huge spike in physical demand at low prices. Silver investors have turned bargain hunters. They had to make us wait for lower prices while they were scooping up what they could. Low prices are nice to them, but not quite necessary. They rather get 1000 tons at $29 than 200 tons at $28. The other 800 tons would sure be going to us littel stackers, you see. Just exemplary figures of course. Also, the duration is a factor they had weeks where little stackers sortof kept easy, stable prices dulling us some.
      It’s all about accumulation of longs AND physical. I would not be surprised if they’ll force COMEX et al to stay afloat, not defaut, and just secure silver deliveries for years to come. Who (with zero interest financing) doesn’t want a $29 contract to get silver delivered in 2017? They want low prices alright, but they want them FOR THEMSELVES. Our hands are way too strong. Our silver is off the market. An ounce I buy, they cannot buy. Not at any price. So the next ounce out of the ground will be that much more expensive for them. I am not a big stacker, but a platoon of folks like me, and the whole market shivers when we march past.
       

    • XC Skater my input is they knew several weeks ago something was about to implode.  This is why they relentlessly beat silver down to <$29 and tried to hold.  It’s the same song-and-dance they did right before QE3 was announced.
      At the same time, I agree the insiders and rich have been scooping up the phyzzzz at bargain prices.  So they’re playing it from every possible angle!  They’re not looking to make a fast buck but instead positioning themselves for several years from now.
      Silver going to $60 is equivalent to massive bank runs throughout Europe.  The genie is out of the bottle.  It’s my input they will continue to cap silver in that range until something like this happens and the wheels come off Europe or the banking system.
      Anyway this is just my opinion based on the past few years.  The real experts are people like Jim Sinclair. 

    • @ SilverTD. My exact thoughts! Yet?! I want to see it break over $50.00 back to 2011 prices..Maybe then I will start to celebrate and stomp my feet..It will bring me closer to my Brazilian Bride.

    • @NetRanger808 : Like you said when it Ag surpasses its all time highand remains there past daily close…ill be impressed. And you may want to rethink tht whole “bride” thing. Brazillian hotties i understand…one and only one …i dont… just saying ;-)

  4. SO her we are on Firday afternoon and to no surprise whatsoever we have less than 2 hours to go and sure as $#!+ Ag is catching a beating and at the time of this writting we are @ 

     

    SILVER

    03/22/2013

    15:25

    28.73

    28.83

    -0.45

    -1.54%

    28.45

    29.14

    Now tell me again how the few dont manipulate the many.

  5. Gold and silver’s prices sure did explode but that does not mean that they would stay like that for a long time. Now, silver is at about 28.74$ per ounce. At least silver is higher than 29$ per ounce in Canadian dollars plus the coin dealers use the US price to sell their precious metals which means that Canadians are buying gold and silver at a discount!

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