*Update: Silver now up nearly $1 and closing in on $33 with a last of $32.89

After trading down overnight after once again being pushed back exactly at the cartel’s hard $32.50 cap Thursday afternoon,silver has just made a vertical move from $32.15 to $32.89, slicing through it’s $32.50 cap.

After the vertical move is exhausted, look for silver to potentially retest $32.50, and then extend its gains throughout the remainder of Friday’s trading.  Keep an eye out for an access market raid however, as the bullion banks will likely throw the kitchen sick at the metal in order to prevent a weekly close above the crucial level.

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Kitco News’ Daniela Cambone has released an interview with Scotia Bank’s VP of Commodities Patricia Mohr on the Basel III regulations going into effect on January 1st 2013, in which gold will be reclassified as a tier 1 asset.  As gold regains full status as a financial asset (meaning along with cash and treasuries, gold will be able to be used to meet margin calls), the metal should see substantial new demand from the banking sector.

Full interview below:

Gold is 3.35% higher and silver 4.53% higher this week in US dollars in the aftermath of Obama’s re-election.  Gold in euros looks set to break out above €1,400/oz and is 4.1% higher and in sterling gold has risen 3.7% so far this week. Silver is 5.25% higher in euros and 4.8% higher in pounds. Gold and silver are set for higher weekly closes in all fiat currencies which may negate the recent bearish short term technical picture and set the precious metals up for the traditional yearend rally.  The data clearly shows that November is gold’s strongest month and one of silver’s strongest months. December, January and February are also strong months – prior to a period of weakness is often seen in March.

In the latest Keiser Report, Max Keiser and Stacy Herbert discuss Goldfinger at the New York Fed in Lower Manhattan where Germany’s gold did not dissolve in the Hurricane Sandy floods, but $13 trillion in paper assets did. They also discuss Treasury secretaries and Goldman CEOs as the stuff of nightmares. In the second half, Max Keiser talks to our good friend Ned Naylor-Leyland about Germany’s gold, JP Morgan’s shorts and Bart Chilton’s ‘investigation.’

GoldMoney’s Alasdair Macleod has released part 2 of his excellent interview with Jim Willie of GoldenJackass.com. Part 2 focuses on the global rush for physical gold and the increasing transfer of wealth from Western countries to their Eastern counterparts, and the hugely bullish picture for silver at the moment.

Willie expects silver to outperform gold 3-fold as the bull market advances.

MUST WATCH!!

After the standard COMEX open raid this morning, gold and silver have traded strongly throughout Thursday’s session, and have rallied exactly to the cartel’s caps of $32.50 and $1735 in the afternoon access session.  7

Once $32.50 and $1735 are taken out to the upside, look for explosive moves to quickly commence in gold and silver.

Our favorite European politician has delivered another epic speach to the European Parliament, this time delivered to none other than German Chancellor Angela Merkel.
Farage informs Merkel that the Eurozone experiment simply isn’t working, that the UK cannot join the Eurozone on their journey towards less democracy and further centralization of power, and that the time has come for the UK and the rest of the EU to agree to an amicable divorce, as it is time for the UK to leave the European Union!

MUST WATCH!!

In his latest update, Greg Mannarino discusses his outlook for the markets in the wake of Obama’s re-election.  With the looming fiscal cliff, massive tax increasing set for 2013, the Fed preparing to take QE supernova, Mannarino states a major market sell-off and financial collapse is coming in which many people will LOSE EVERYTHING!   Mannarino believes that the coming crash will be so intense that the DOW could potentially hit 4,000!

He concludes by stating investors should be buying metals across the board at current levels, and hold for the long term.

Full update below:

Marc Faber of the Gloom, Boom, Doom report was on Bloomberg for this MUST WATCH interview, in which Faber stated a 20% market sell-off is imminent, and that investors must protect their assets with a machine gun!  (That is, if they’re not confiscated first by the Obama administration)
Faber, who previously stated that ‘if you put a gun to my head and told me to choose Obama or Romney, I would say please shoot!‘ states that with the re-election of Obama the ‘market should be down at least 50%’, and that ”I think Mr. Obama is a disaster for business and a disaster for the United States”, and shockingly predicts that Obama will not complete his 2nd term due to multiple scandals that will lead to impeachment!!

Full MUST WATCH interview below:

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While US consumers invest in the latest I-phone (with many actually now taking out loans for the latest tech gadget) Chinese consumers and investors continue to ramp up their physical gold purchases.  The GFMS said Thursday that China is set to surpass India as the world’s biggest gold consumer on an annual basis.   China’s annual gold demand is nearing a mind-boggling 1,000 tons!

The Bank of England Thursday prematurely halted it’s Quantitative Easing program at £375 billion, ending it’s QE3 early.  Governor King stated he has no plans for further bond purchases, and that the BOE will shift their focus to stimulating bank lending.

Apparently all of Europe including the UK will now allow Uncle Benny and the inkjets to perform their dastardly counterfeiting for them.

With Chinese demand for gold and silver surging depositories are looking to cater to the huge growing swathe of wealthy Chinese and this is leading to increasing vaulting services being offered in Singapore, Hong Kong and now even Shanghai. China is on its way to overtake India as the world’s biggest gold consumer this year, as India’s gold demand has taken a blow on record rupee prices and higher import tax while Chinese consumers’ appetite for gold remains resilient.  We have firsthand experience of this increasing preference for secure bullion storage  as we have seen an increased preference for storage in Zurich and Hong Kong. Zurich remains the preferred destination for most western investors and of investors internationally but we and other bullion providers are seeing some western clients opt for secure storage in Asia.  There is a definite sense amongst some of our American and European clients that storing gold in Zurich and Asia is safer than in London, New York, Delaware or elsewhere in U.S. and this trend is set to continue.