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:

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

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Gold hammered back towards $1650:

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

  1. 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.

  2. 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.

  3. 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.

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