*Update: Well, that didn’t take long for the expected short covering rally, as silver has now jumped .80 from its lows to $32.80
The cartel continues to cap $32.50 and $1730, as silver and gold were both just treated to waterfall declines on the COMEX open.
Silver was smashed vertically from $32.70 to $32.04, and gold from $1730 to $1717.
Expect the shorts to cover and close out many of these new positions by the end of the session in order to hide their tracks for the weekly COT cutoff.
A classic COMEX open waterfall decline erases all of silver’s overnight gains:
And the subsequent spike fleeces any new spec shorts:
Gold’s smash erases it’s overnight gains and drops it another $10 below yesterday’s $1725 range:
Support seems to have held at $1715 for gold and $32 for silver. As stated above, once the raid is completed, look for the metals to rally throughout the remainder of the session as the bullion banks hide their tracks for today’s COT cutoff.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
MUST those F’ers ALWAYS do it at the same time?
I mean give a guy on the west coast a chance, huh?
Sure be nice to BTFD.
Limp lil smack downs are not effective enough anymore to even give me a shot—my LCS not even open before the damage to the chart is repaired….
4 oz: If you want to get in on that action, you might want to open a trading account with an institution in the EST time zone.
You can always give the Doc a call, if you want to buy some physical when spot is down.
I agree that the smack downs are getting less and less effective as we move on. I remember six months ago when it took the cartel one third of the USA’s annual silver production in paper silver to crush silver’s price by more than 5$. Now it takes the cartel two times the USA’s annual silver production in paper silver to crush silver’s price by less than 3$.
Yep, and half an hour later, it flew right back up. Smells to me like there is a horizon on how long they can keep this up. The physical floor is a-risin’…
Seems no manipulation is too obvious for the CFTC Commisioners. Meanwhile their 5 year silver manipulation investigation goes on. I guess thats how they justify their tax payer funded incomes, by trying to look busy, while still pandering to the banks they fawn over and serve as lackeys.
Bart Chilton bchilton@cftc.gov
Jill Sommers jsommers@cftc.gov
Gary Gensler ggensler@cftc.gov
Scott Omalia somalia@cftc.gov
Their apparent complicity in commodities manipulation on behalf of banks make these Commisioners some of the biggest criminals in this ongoing financial fraud. If justice for the financial crime of this time is ever meted out, I hope this seemingly corrupt Commisioners are brought in front of juries. The evidence compounds against them.
@Death & Gravity Or the ship is sinking. lol
We are getting closer to the horizon of hopes that precious metals’ manipulations would end soon. It is a long trip and the journey is ending soon. A lot of people got discouraged to continue the trip with the “Precious Metals Express” so they went back to the fiat horizon. I mean these people sold out their silver when prices were smashed by the cartel who is the danger of the trip.
Smashed then CA$HED! Don’t you just love it? Never a dull moment…
Just guessing here, which is all anyone can do since we’re not privvy to the insider info the boyz get.
Anyhow I was watching it in the wee hours last night and it looked like a short covering operation. A few shorts to get the ball rolling down hill, wait a bit, wham! a big blue bar back up to where it was, rinse repeat. The volume is very heavy.
The ‘short covering algo’ in operation. Notice the cap is still there. They’re good, you have to hand it to their programmers. Those December contracts are being dealt with.
The resiliance both gold and silver have been demonstrating in the face of these ‘smack downs’ over the past few weeks has been pretty encouraging to see.
*yawn* another smack down that didn’t last. And sitting at $32.57 as I type this.
The less gold and silver cost in terms of dollars, the better it is as the low prices will help us stack more precious metals faster, cheaper and easily. Right now, silver is at 32.25$ per ounce in which the price will stay at that level for a long time in my opinion.