Latest Gold & Silver Waterfall Erases Wednesday’s Big Gains

Gold and silver have been hammered throughout COMEX trading today, with waterfall declines erasing the gains made yesterday on the large pops ahead of the FOMC statement on the GDP disappointment.
Silver is down over $1 from yesterday’s highs to $31.04, and gold is down $20 to $1656.

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Silver’s smash begins right on que at the COMEX open:

s_silv

 

The smash has nearly retraced all of yesterday’s large gain:

silver

Gold hammered back towards $1650:

s_gold
Gold as now given up the entirety of yesterday’s gain:
gold

 

Look for support to emerge near $1650 in gold, and near $31 in silver, with further support in silver at $30.80, then $30.50.

Comments

  1. What goes up, must come down … says the Comex.

  2. Woo hoo, down bitch down.
    The lower she go the better the show. I’m no bear, i just want more than my share Hehehe, those banksters are working for me.

  3. PERSONAL ANALOGY:
    The Waterfalls will continue until main events happen. Two of the main events will be a downgrade of U S credit by Moody’s and/or Standard and Poors in May unless the can is kicked further down the road for more delay about the debt ceiling crisis from Congress. (Supposing here that S&P and Moody’s have not been bought off) The second event correlates with the first. The U S Dollar (basket) DXY continues downward to the low 70′s.
    Israel, Syria, Iran, Egypt, Japan, China warring factions may come into play, along withl Malia. The Defense budget will not be cut drastically as the military will be on standby for support. Not to exclude France and Italy being in dyer financial straits, affecting The ECB.
    Continued repatriation of Gold in the foreign venue will continue to multiply. Further debasement of world currencies will also play hard in the main events. Temporary downs can be expected, but the Gold/Silver Cartels of price controls with our Fed at the head, will discontinue to be a threat as a result. There is no exit stategy as Eric Sprott maintains.
    No question that Gold and Silver will be the world’s money after any trigger of Black Swan events occur in U S and foreign events promote their problems forward.

  4. Todays chart kinda reminds me of the double black diamond run at my local ski hill.
    Oh well, back to the chairlift for the ride up.

  5. I guess JPM isn’t toast. 

  6. Makes me think just a few more years baby.. I will be able to find me a woman in Brazil like my avatar and be happy for all time.

  7. Guess who stacked into triple digits right after this dip? Patience is rewarded. 

    A few more of these, please!

  8. Just curious, what ever happened to the imminent collapse of the COMEX..LOL….come on man

  9. Could we get a $31 print or lower before 6pm UK time tomorrow please. Just asking.

  10. This is great news, was buying 3kgs today but put off for tomorrow . all good

  11. You hit the nail on the heaad Ranger.  If countries are not in a hot war, they are most certainly in currency wars, which often lead to real wars and real depressions.

  12. Ho Hum….wake me up when it’s over….

  13. Looking to purchase some PM from SD Bullion, but I am hesitant about buying through a website.  I usually go to a local dealer, but the prices at SD Bullion have them beat.  Has anyone had any problems with buying from SD Bullion?  Would you recommend them?

    • Silver Stock, I’ve bought from SD quite a bit and plan to do so every month or so in the future. I have no concerns about placing 5 digit orders with SDBullion and I recommend them to everyone I talk to. Previously, I bought online through APMEX, but they’ve grown too big and don’t have any kind of relationship with their clients anymore. People in my family have bought from Tulving (large orders only) and NWT Mint with success, but there were always significant delays in actually receiving the bullion.
      Like I said, I highly recommend SDB.

  14. Silver Stock over the last year I bought heavily from SDB including both our IRAs, some junk bullion , silver rounds, etc The process was smooth and delivery was quicker than Liberty out of San Diego and Only Gold in Phoenix. It’s also nice to get to know the people who started this business. I would classify SD Bullion as the best in class.
    PS there is no need to disclose how much I bought but it was enough weight and enough times to gauge the efficacy of the business.

  15. I called it yesterday!

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