Gold and silver are both currently spiking, with silver up .60 to $35.32, and gold up nearly $20 to $1786!
Silver has decisively sliced through the critical resistance zone of $35 that the cartel has been capping all week, and has extended well into the $35′s. A close above $35 would be crucial, and as we have repeatedly mentioned, should set up a very quick run to $37-$37.50 as stops are triggered, and momentum traders join the trade as silver has now CLEARLY BROKEN OUT!
Silver’s near vertical run up to $35, a very brief consolidation at $35, and then a vertical move as stops were triggered as silver shot through $35:
Gold also has gone vertical through $1785 and now looks ready to challenge $1800.
![[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)
Whoa! This is getting exciting!
Hi ho silver!
Doc, you seem to read screens that offer $0.15-0.20 higher peaks than I can find anywhere. How does that happen? I don’t even see such peaks in the tick mode at Netdania!
Each time you call such a break out, I have a “huh” moment, as if you were watching a different chart.
Thanks,
J
@XC-Skater -I’m quoting the spot price on Kitco http://www.kitco.com/market/
Your charts are likely showing the BID spot price
Cartel in retreat.
C’mon, c’mon. Where’s that morning raid, ’cause I’m heading toward my local pm shop when it opens. Oh, well, I’m getting rid of some powder anyway.
Doc hits the refresh screen 25 times per second. Believe me, I’ve been there to witness it
Interestingly the last few Fridays have been bullish for the metals almost as if people are worried about a possible bank holiday being announced over the weekend.
However maybe we should wait till after 10.00-10.30 before sounding the all clear.
Excellent Call LesPaul..Smack Down Is Taking Place…
Right on @59LesPaul . I think we actually need to see a close above 35 to sounds the all clear…I’m thinking we may get that today.
Aloha Good Morning @ 4:21 am Hawaiian Time. Well if they attempt to do a raid an or smash down. We shall see. The fact that Silver is finally back over $35.00 makes one very happy. Just keep stacking…
To anyone who has money in banks or the stock market. Be very wary and watchful of indications that one or more banks are having troubles. A major bank failure, B of A, Chase, Morgan Stanley et al, could not be fixed over a weekend.
Rumors, confirmed or uncomfirmed, of bank website or web access problems COULD be indicative of a systemic failure of that bank. If you see that happening it may be prudent to remove your funds from that bank in cash, bleeding down your balance to a level that you can afford to lose or have held in abeyance due to a partial or regional bank holiday.
October is a month rife with bank and stock market emergencies. In late 2008 and early 2009 the banking system nearly failed and was bailed out by trillions of new dollars. One of the fundamental differences of that time period is that we were not in a currency war with China and Russia.
Both are now actively looking for openings to firmly place a new and competing currency to rival our status as the world reserve currency. They would take advantage of a weakness in our financial system, as it stands now, and push us hard to cause maximum damage. We have no friends in the of world of finance and currency IMO.
Just as the war in the ME is now engaged and certain to expand, the currency wars are now engaged and ready to start in earnest. Protect yourselves in any way you can.
Mahalo for the advise. I rarely keep funds in any financial institution.
And now the price is negative by .40 on the day.
hahahahaha
This shit is so ridiculous…
1800 contracts in a minute. Was that the last of the dump, or the first of the buy?
Not much use when you go down this deep after a tiny spike up…
Oh dear silver has suddenly and mysteriously fallen through the floor. Unfortunately JPM didn’t want to play ball today. Maybe the critical $36.00 derivative figure mentioned by Wynter Benton is for real.
Rumor could be true today about the banking virus hit and financial market shut down. RAIDS, RAIDS, RAIDS!
Anybody out there agree?
Ranger from Texas
Oh it sucks that I wasn’t able to witness silver reaching more than 35$ at that time. Well it sucks that now, silver’s price got crushed.
We need a can of raid spray for JPM.