The US market may be closed Monday for the Labor Day holiday, but that didn’t stop the cartel from unleashing another Sunday night/Globex open smack-down in gold and silver- but the metals have roared back, with gold up $15 off its lows and retracing the majority of its globex open waterfall, and silver up nearly $1 off its lows!
Silver plunged over $.50 on the open to test $23, and subsequently surging nearly $1, currently closing in on $24:
Gold saw $20 shaved off the futures price several ticks after the open, but has since clawed back the majority of its losses and is back above $1390:
We stated over the weekend we expect silver to likely test $22-$22.50 prior to resuming its rally, and a re-test of $1350 in gold is likely as well.
While both gold and silver are now bouncing hard off their lows near $23 and $1375, don’t be surprised to see the cartel use the US holiday weekend and the postponed-for-now Syrian attack news as cover for further raids of the metals over the next 24-48 hours.