After consolidating throughout the overnight Asian and London session as well as throughout morning COMEX trading, gold and silver have just gone vertical, with silver up .65 from its lows to $30.53, and gold popping over $20 to $1681.
Meanwhile, the FUBAR fiscal cliff negotiations are reaching critical stage with less than 12 hours left to make a deal, with Obama scheduled to speak at 1:30pm.
Somehow we suspect it will be to place blame on Republicans for sending the country over the cliff, rather than to announce a deal.
Silver’s vertical move to $30.50:
Gold’s move through $1680:
Look for major volatility come Monday, particularly if no last-minute deal is reached contrary to market expectations, and Obama sends us full-steam over the cliff.