After attempting to climb above $22 during overnight trading, silver drifted down throughout the London session, and has been hammered on the COMEX open, down over $1 to $21.01.
Gold has also been hit hard, down over $20 from overnight highs of $1345.
With the crisis in Ukraine escalating, the dollar has been catching a safe haven bid, and the Western Central banks have not missed their opportunity to reassert pressure on the paper metals markets.
Silver capped yet again at $22, prior to plunging towards $21:
Gold capped just shy of the significant $1350 level, and also sent down the proverbial mine shaft:
The past 8 days trading reveals just how significant the $22 level in silver and $1350 level in gold is as a strong move through these levels send silver back to resistance at $25-$26, and gold back to test the $1450-$1500 level.
The bullion banks are no doubt acutely aware of this as well, and are throwing out all the stops to cap the metals at $22 and $1350.
With physical demand escalating, we suspect they won’t be able to stave off gold & silver’s recovery for long and will be forced to retreat to higher ground.