Gold and silver have popped higher in thin trading on Wednesday’s COMEX open, with silver trading back above $30 to $30.30, and gold moving off $1650 to $1669.
Silver has cleared $30 to the upside after consolidating near $29.90 overnight in Asian and London trading:
Gold also made an impressive move to the upside, but will need to clear $1670 if we are to see any real traction on the move.
The risk remains that the cartel will attempt to paint negative annual returns on both the yearly silver and gold charts, so caution is warranted. We expect strong snap-back rallies in both metals in early January, as the December action has nearly exactly mimicked December 2011 action.