After consolidating near $1200 and $19.40 throughout the overnight Asian and London sessions, gold and silver have just been treated to another vertical waterfall smash, with gold plunging towards the June low of $1178 with a last of $1181, and silver plunging nearly $1 through $19 to $18.67!
*Update 10am: Whip-saw volatilaty continues as gold and silver are now spiking vertically, as silver retraces entire COMEX open smash with a last of $19.75, and gold is up $35 off its lows to $1215!
Gold appears likely to test the June low of $1178 in the next hour:
Will gold and silver bounce off of support at their June lows, or will the cartel successfully smash gold and silver to new bear market lows to end 2013? It appears The Fed would like to send gold and silver out on their lows for 2013 and the bear market.
*10am update: It appears that rather than closing the year at their lows, a short squeeze has developed, and we are looking at the potential for a majorly bullish double-bottom outside reversal to close 2013!