Gold and silver have been hammered today after the London fix (ensuring as few physical stackers as possible are able to take advantage of the paper discount), with gold pushed back under critical $1600 support to $1593, and silver towards a $27 handle.
Recall that last month, legendary gold trader Jim Sinclair predicted that gold would see a bottom by March 27th, and would have begun a strong move higher by that date. While it is too early to tell whether the ultimate bottom is already in, the recent black-swan events in Cyprus while allowing the cartel cover to continue to add short-term pressure to gold and silver, certainly have major, major long-term bullish implications for both metals.
Silver has been smashed as low as $28.14, as $27 silver and a re-test of last summer’s lows near $26-$26.50 is becoming possible as silver was unable to break out of its month long trading range to the upside:
Gold pushed back under $1600: if this week’s low near $1580 is unable to hold, a retest of $1530-$1550 low is possible.