*Update: 2nd leg of vertical move in progress, silver now up over $1 to $32.39 , gold up $30 to $1722!

While we expected little action and a tight range in gold and silver today with all attention focused on the US Presidential Elections, gold and silver have just made a vertical move, with gold jumping to $1722, and silver from $31 to $32.39!

Perhaps this vertical move in the metals (& in the equities) is an indication the Algos have just received word that the fix is in for Emperor in Chief Obama, or are the bullion banks simply attempting to paint the tape ahead of today’s COT cutoff?

With the vertical move, silver has now regained the $32 level, and while volume is lighter than normal ahead of the election, it is important technically for silver to close above the level.  In reality however, technical support/resistance levels will likely be thrown out the window should Romney be elected, as traders will likely dump the metals out of an irrational belief that Romney will somehow stop QE∞.

*Update: silver now closing in on $32.50, is an Obama victory currently being priced in disorderly to the upside?


Gold has gained nearly $30 from $1690 as it closes in on $1720!

*Update: Gold has now cleared $1720 with a last of $1722


    • Yup! It seems like the precious metals sure are ahead in the polls! But, that makes me wonder if the votes are manipulated or not. If they are, then it makes me wonder on how we can stop these vote manipulators. I guess the only option left to stop them is by buying and storing physical gold and silver like you said so.

    • For the moment, it seems like gold and silver are stable at their current levels. I hope that these discounts stay as long as possible get even bigger so that we can all stay some precious metals very fast and easily. My local coin shops don’t change their prices whenever silver drops by a dollar or less.

  1. “Someone at JPM tripped over the power cord on Blythe Master’s workstation….”
    “Looks like the price suppression boyz took time off to go vote.”
    –  –  –  –  –  –  –
    Thanks for the great comments Saddle & UghyDog – that’s why I come here!
    Buying those four Morgan Silver Dollars at spot last Friday afternoon now looks like an act of genius.  But no.  Should’ve bought forty, not just four…

    • Silvergood1, see my 1:26 p.m. post below.

      –  –  –

      silverbullion, good question.  Actually, I always bring along a magnifying glass & magnet along whenever I buy Silver – and I usually buy ‘junk silver.’  Everybody has their favorites, right?   

    • I get always get the American silver dollars under spot price because my dealer said that they are junk silver so they aren’t worth it with the premiums. It looks like that in the USA, the silver dollars have a premium so next if I find some silver dollars at my local coin shop, I’m going to buy them all.

  2. son of a bitch. I was going to buy a tube of philharmonics and a tube of maples yesterday, and then decided to wait til today to be poetic.. lol.
    either way, it’s only 45 bucks, blythe wears silver shorts and I’m giving her a heart attack for christmas.

  3. Maybe they’re trying to clear off some shorts so they can survive December and continue the game.  I think it will have to rise a lot more in the buyback of all that dumpage. Let’s see what happens. 
    “He who sells what isn’t his’n, must buy it back or go to prison.”  (This used to be true.)

  4. Off-topic on this thread, but I just HAVE to quash the conspiracy theory that Hurricane Sandy was a man-made disaster.
    H.A.A.R.P. didn’t cause Hurricane. Here is what caused it:

    Mbloke-Mbumbo, in Nigeria, was supposed to spend his day as usual – stomping butterflies. However, a cousin offered him $50 to come to Lagos and write SPAM emails to trick stupid people out of their hard-earned money.
    Anyway, one of those butterflies which Mbloke-Mbumbo was meant to stomp that day, it continued to live, and the minute air disturbance generated by its fluttering wings snowballed into a larger air disturbance. This movement of air penetrated all the way into the atmosphere and spawned Hurricane Sandy.

    • You can hit them on Ebay overnight sometimes. I have been lucking out here and there at spot but I prefer dimes and quarters which I can also get for spot, trick is search for “dimes/quarters” plural, not for a “roll”, (use quotations around “dimes”), and you will see 4, 6, 10, 20 at a time and these groups of coins get less attention than rolls. I would say I average about 5% over spot. The later at night the better. I also search auctions only, ending soonest, and I set a limit and never raise it.

    • Oh really?! I can get some American silver dollars including the Morgan dollars at 1$ below spot price at one of my local coin shop. I didn’t know that they have a high premium in the USA. So next time whenever I see a Morgan dollar below spot price, I’m going to buy it right away!

  5. AGXIIK, yes indeed the small jewelry store near where I work sells junk silver at spot – even Silver Dollars!  That is why – even though I also like the Silver Dimes, quarters & halves – I usually leave that place with Morgans & Peace Dollars only.  When you have a choice…

    Look me up the next time you visit the Seattle area. 
    Oh, and bring your truck… 

    • Hi Mammoth 
      I am in Seattle , where is the store and what is its name ? I usually go to Bellevue rare coin and they are 50 cents over spot for junk and $1.50 for bullion . thank you 

  6. The Peace Dollars are elegant coins.  Seattle is a beautiful city and I am guessing far enough away from the Silver State to be more reasonable.   When my friend came to Northern NV to check out the pawn shops he didn’t find any deals with the exception of crafted jewelry.  He had his gram and carat conversion scale so he could wheedle with the best of them  The ironic part of this is that every dealer, pawn or LCS, was straight on with the daily prices.  The “BUT” in this is he learned that the pawn shops were selling these pieces of gold and silver jewelry at spot.  If sold in a retail jewelry store they would have a serious premium for the artistic component, as anyone who has even bought some bling for their special someone.  To him this is the best of all worlds. He gets gold and silver at spot plus a small markup, some really nice jewelry he could flip if needed, a happy wife and he’s stacking gold and silver in a much different format than coins.  It’s an interesting system, keeps him off the streets and as he related to me, he was able to negotiate one dealer down by 30% below spot by offering cash to the dealer.  The dealer probably paid well under spot when he bought a gambler’s bad luck gold dump and still made some profit on the final sales.  If you have money and people are desperate to sell, a 30% discount off of spot is commonplace with the pawn shops and LCS for jewelry and maybe even junk bullion and like coins.  People who are desperate and don’t do their homework will get fleeced.  Mammoth takes advantage of that spread buying Morgans at spot.  Yep, back up the truck, buy hand over fist. Maybe Seattle is a destination worth considering.  It’s be next year   Hopefully Blythe will be on the job  in 2013.
    Low silver prices are manna from heaven

  7. Didn’t Bart Chilton of the CFTC say that there would be a final conclusion to their ongoing 4 yr+ long silver price manipulation investigation in October or November of 2012?  Perhaps the Doc should inquire, as he seems to have had e-mail exchanges with Mr. Chilton in the recent past.  The commissioner owes the people an explanation on why it’s still not out.

    • Bart doesn’t matter.  If he knew of anything, he should have made it public by now.  Since he hasn’t, then he either knows nothing or he’s part of the problem.  I’ll just keep saving in PMs and pulling out $ from the banking system…..

    • there was also a lot of talk about A NEW SILVER EXCHANGE IN CHINA for the last almost 2 years . That english dude with the glasses was pretending for while that he is almost an insider to that Top secret exchange project and than he just stopped  and now doesn’t talk about it at all .

    • Bartleby is busy combing his hair, and creatively trying to work rock and roll song lyrics into his witty interviews.
      I’ve said it before, he’s either on the take, or he has to keep his mouth shut lest he get killed.

  8. Another strange development today in the markets.  With silver and gold prices rocketing, the US-based silver/gold miners Hecla and Coeur D’Alene are trading DOWN 6%+ and 20%+, respectively.  These miners are apparently losing money from their mining operations, but it seems odd that only US-based companies from the Idaho US area are affected.
    It seems Jim Rogers has been right in saying he does not recommend the mining companies because of the risks involved (in managing, operations, etc), while silver and gold are simply tangible physical hard assets (that he can hold in his hands).  Yet it is likewise logical to think that, if one supports a specific commodity, it would be reasonable to support the producers of that commodity as well.

    • I started out with Ruff 101 and he said miners were the way to go, especially the juniors if you pay attention. It still would make sense if there wasn’t something obviously rotten in Denmark, or the City, or WhereverTF. All this strangeness around miners says yet another avenue for cashing in is being throttled. But then the Megalos, as I like to call ’em, do run the whole show. It is clear to me that there is a scheme afoot to make sure there are no avenues for generating any kind of medium of exchange. And as long as charts exist, it will be them generating them with any data they choose.

  9. I just spoke with Ned Naylor-Leyland last week regarding the Asian allocated silver exchange.  It is still in progress, Ned admitted part of the delay is simply the enormity of the task of launching the system, and he also stated that the summer time-line was intentionally given to put pressure on the bullion bank cartel…ie…letting them know we are coming for them.

    There is no specific launch date yet, but Ned stated he hoped to be able to publicly reveal information in the next 2-3 weeks.

    • So that’s why silver was ridiculously low during the summer. Since it was a test on the bullion bank cartel, it looks like that silver would never go back to its 27$ per ounce price. It sucks that I missed my chance of buying some silver at this price with a 1$ premium because I didn’t have enough cash. 🙁

    • I’ll have to make a trip out there , thanks a lot
      I am up in the mountains actually past North Bend
      Cheers , Neighbor
      and thank you again 

  10. Thing is, in a market place there is a buyer and a seller.
    Someone is selling massive paper into this rising Silver market.
    It must be doing their head in.
    LOL !
    Keep stackin : )
    ps. have a look at this Wynter Benton – that’s how you do it.

  11. I knew that there would be more interesting actions after the US election. Anyway, Obama did won which is probably why gold and silver went up because he won’t stop QE infinity by firing Bernanke. It’s a weird world that we live in where precious metals’ prices are related to small events such as whenever Bernanke talks to the public.

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