Deja vu all over again as the cartel just dropped the hammer on gold and silver once again, with silver slammed $1 to $33.30, and gold down $17 to $1709.
The bullion banks are clearly desperate to prevent weekly closes above $1730 in gold, and $34 in silver.
Have you stacked the smack??
As our friend Turd from TFMetals points out- today’s take down appears to be an attempt to paint a red candle on gold’s monthly chart, as the metal closed 10/31/12 at $1717.50.
Also, today is first notice day for December delivery. PM aficionados will recall that the Feb 29th Leap Day Massacre was also on a first notice day for March delivery.
Silver has already retraced nearly 50% of the smash, with a last of $33.80 (and back above the crucial cartel $33.60 cap), and gold has also retraced nearly 50% of its losses, popping back to $1718.
Expect both metals to rally in this afternoon’s access market, in order to prevent retail stackers from taking advantage of the sale at their LCS over the weekend.