*Update: Full-fledged margin-call blood-bath in progress, silver nearing $23 handle, gold to $1420!!
After briefly popping back above $26 in early Globex trading tonight, silver has just been treated to another waterfall smash, gapping down another dollar, collapsing another $1.50 to a $24 handle with a last of $24.35!
Gold has plunged another $65 to $1420!
It appears that the cartel is not concerned whatsoever that 16% of annual US silver mine supply evaporated over the weekend, and will continue to press any remaining weak or leveraged longs.
Earlier we predicted that if silver support at $25 broke overnight, we could be looking at a spike low to $22, and a rebound to $25-$26 prior to Monday morning’s London fix. Support did indeed break at $25, with silver plunging to $24, prior to rebounding (for now) to $24.75.
Silver’s gap down as silver approached a $23 handle:
Gold plunging to $1420:
As The Doc warned Friday in the SD Weekly Metals & Markets, a capitulation spike-low tonight to $22 and $1400 tonight is now entirely possible.