After consolidating around $31.40 and $1665 throughout the overnight Asian and London sessions, both gold and silver have just made significant vertical moves to the upside on the COMEX open, ahead of this afternoon’s Fed announcement at 2:15pm EST.
Silver has made an .80 vertical move to the upside to $31.98, and gold added $20 to $1681, where it has paused at an exactly 1% gain, a typical capping level for the cartel.
Silver’s move to $32:
Gold moving strongly off of Jim Sinclair’s $1650 towards $1700:
Don’t be surprised to see significant volatility with this afternoon’s Fed statement. We would not be surprised to see the Fed attempt to push propaganda that they plan on ending QE at the end of 2013, and attempt to smash the metals on the FOMC release.