*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:
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.