JP Morgan*Update: Gold to $1350, silver to $22 handle at $22.94!!

Gold and silver are rallying off overnight epic lows this morning, as gold was smashed another $100 into the $1300’s, and silver was crushed another $3 all the way to $23! In all, silver was smashed nearly $5 (18%) and gold $165 (11%) from Friday morning!
The strength of the rally in early COMEX trading is a good first sign that the worst is past, as the cartel raises to raise metals prices before the London fix.

Silver crushed $3 (nearly $5 from Friday morning!) to $23:



*Update: Epic rout continues, silver plunging through $23 to $22.94 (not even registering on the 1 minute chart)

Gold’s overnight dip to a $1300 handle:


*Gold now plunging to $1356!

  1. I bought Silver this morning when the spot price was $23.26. I said in an earlier post a week ago that it wont drop below $23.05. It got as low as $23.07 then bounced upward. I bought when it bounced up. Like Sinclair said buy when it looks like a fishing line. My figuring was if an epic nuclear disaster in Japan couldnt bring Silver under $23.05 nothing will. This is the bottom IMO if you arent buying now uou all are crazy!

    • Bought a few oz’s at MPM at 23.33 around 7 am. Waiting to see if we get a more pronounced drop. This may be a great time to up my oz holdings.

  2. I am trying to buysilver in Germany. 50 Polar Bears. But they are taking forever to confirm the sale to me. Maybe prices need to drop futher before they do. I want the coins though, sold a similar number for waaaaaaay more than that the past months. Still like those coins, very very shops still offer them at Bison-like premiums.
    My (formerly?) favorite webshop today fixed their silver/gold prices way high, and on top of that premiums for perth stuff were gigantic, 7% higher than in feb. They’re sitting this one out clearly, and may still get some sales.

  3. Congrants on your purcchase Stacker
    This large drop in silver and gold prices reminds me of the Lehman collapse and its effects on the PM prices.  I’ve taken to calling it the fear factor liquidation event.  There is much more to come in the EU zone with many more banks verging on failure and probable bail ins.  Japan is a rolling disaster and we no Belle of the Ball.  If we see some really harsh systemic failures, this could push prices down further as the insider trading is 50 to 1 on the selling side.  The uber ghoul Soros is liquidating gold holdings, Sprott is selling and others allied to both of these investors are taking a page from the bail and run book of smart money  going to the hills.  If something breaks in the banking empires of Europe this could be really bad for metals.  I make this assumtion not bases on some sort of presetn day analysis but more on the lather rinse and repeats of the last few decades and how these FIAT and equity events affect precious metals.  just guessing that metals could go down more and hoping this is the bottom.
    I would hate to be a trader, bullion store or miner right now. They can’t catch a break.  I have sympathy for them.

  4. Is this a massive raid in lieu of upcoming hyperinflation where they must raid any competing currency like gold?  Every time we get a Super Raid of this level its a set for something like QE3, Downgrade, etc.
    Start listening around 7:45 into the video.  This webbot has a history like many of these forecasters but does get some good hits.  He’s now predicting hyperinflation starting in the near term.

  5. these fu**ing c*nts need to be shot hung and pissed on.
    I was up in the middle of the night for a sec and noticed I could have gotten a tube of maples for 696! I can only imagine the buying that is going on. Miles franklin had their best day in 24 years, the doc said he burned through about 10k ounces on friday. Silvergoldsilver stated his dealer is 2 weeks out on silver orders, and even gold is tight (which has never been tight).

  6. Got my order in today, from refiners, no problems whatsoever ordered 2kgs. Still feel sick as a dog about the whole experience mind, so many companies, holding stock that they paid probably 25% too much for. Only way out is to buy you way out, buy more add to the stack and even the money out. Even out the price highs and lows.

    • Please offer your thoughts on Libertads, 1oz and 2oz? Only a few addresses in Europe still have them somewhat around Eagle pricing, the rest have marked them up considerably.

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