Once again after trading in a tight consolidation range throughout the Asian and London sessions, gold and silver have just been greeted with a vertical Demon Drop Waterfall smash, sending gold back to a $1300 handle, and silver to $22.41.
A re-test of the correction lows of $22.005 and $1320 appears imminent.
The cartel has gone back to work the very morning after Jim Sinclair’s chartist Bo Polny proclaimed that the turn date had passed and that the bottom was in for both gold and silver:
Silver plunges below $23 to $22.41:
Gold’s vertical drop to $1392:
Today’s latest waterfall strongly suggests that the correction in the metals is not yet exhausted, and that particularly in silver (but likely also in gold) a re-test of the low of $22.005 is likely.