Silver Goes Vertical

After trading in the shadow of Wednesday’s chart overnight and throughout the early morning, silver has just broken algo control with a vertical move to the upside.   After breaking below $29.70 in early trading, silver has just shot up .80 nearly vertically to $30.59.

Gold has also made a strong move to the upside, and is back into the mid $1660′s.

 

2013 Silver Eagles As Low as $2.59 Over Spot at SDBullion!

 

Silver’s short covering pop through $30 to $30.50:

 

Gold following Wednesday’s price action, but yet to clear $1665:

 

While it is too early to call a bottom to the recent correction/ take-down post the QE4 announcement, the past 2 day’s action is encouraging to PM investors, as silver refuses to stay below $30, and gold refuses to penetrate $1650 to the downside.   Continue to watch these critical support levels during further attacks/ weakness.

Comments

  1. Vertical ??????? Come on Doc, I know your trying to cheer us up, well at least it’s not going sideways. When it goes over the resistance point of $35.25 then I’ll get excited. Until then I’ll keep stacking. Lol

    • Exactly. These headlines used to work. Now, everyday is a huge “waterfall drop” of 30 cents, or a “vertical’ spike of 40 cents…it’s like the little boy who cried wolf…Let me know when silver breaks through 35, that’s news.

  2. Silver to me is a screaming buy under $30, a solid buy under $32 and a decent buy up to $34. We need to take out $35 to the upside before I am convinced that we have a shot at $37-$40 before being smashed back down under $32. 

  3. Blythe apparently finished on the toilet and seems to be back to work.
     
    The fight ain’t over yet, which is fine. I’ll just buy more.
     

  4. we’ll see where it goes short term, but my guess was that it shot up because of the bullshit kabuki theater of the fiscal cliff… imagine.. the us faces a fiscal cliff of having to raise taxes and spend less.. OH NO! LOWER TAXES AND SPEND MORE!
     
    p.s. don’t bother looking at any of the 2/3 of large businesses that pay no taxes, and don’t put a wall street sales taxe on transactions because that would make too much sense but piss off the elite.

  5. NOW for the Ride up,after ETF Manipulated Silver cert.year end dumping plus .the ;Shake caused by media Shills  to spread ‘fear’ that silver was on it’s way down..

  6. After a “fiscal cliff solution” which won’t be a solution at all I expect silver and gold to get tuned.

  7. I Believe SATAN and his Kingdom wants SILVER WAY UP cause it’s WAY UNDER VALUED ,Imagine all the Spending being done while ,the Silver is being collected and stored ..very Satanic but it fits, the Devil’s plans

    • You honestly think Satan wants silver to rise in value? Pray tell, what convoluted reasoning brought you to that conclusion?

    • Gold and Silver is Gods Money not Satan’s Now if your talking about Fiat then I may agree.

    • I have visions of the Saturday Night Live Church Lady:  “Could it be Saaaataaaan?”   

      Sorry SilverDagger.  Lucifer is sitting out today’s trade.   I know.  I saw him bar hopping in Denver as he was trying to run into Blythe Masters. He’s got a hell of a hangover.
       

  8. Satan say RISE Silver from your Lazarus state of years of sleep..

  9. there isn’t enough silver in the world to keep satan’s minions happy, considering they are the literal underpinning of the Western political and economic class.


  10. The video cannot be shown at the moment. Please try again later.

    She was in Denver to steal from the people.. Oh Yeah! We we get back over $35.00, I will be a little more positive. Other than that? We are just like being in any casino. The reels keep spinning, winning some and then losing a lot. Just enough winning to keep you playing the game..Food For Thought…

  11. Satan?  Can we keep POLITICS out of our silver market, LMAO!

  12. @SilverDagger, nice Morgan!
    Here’s one with a message: 

  13. We’ve broken the 200 day moving average on silver.  But what’s interesting is that there’s very little downside selling pressure — the selling monument has dried up.  The line of sellers at the $29 and higher zone has basically been washed out.  It’s possible the cartel might wish to bomb the price lower still to trigger a new set of holders to move into the sell cue.  But as it stands, action like yesterday — and especially today — is indicative of a bottom attempting to be set and I think the cartel is through for now when it comes to attempts at pushing below $29.

    The upwards spike and pattern thereafter suggests that one or two large buyers (probably hedge fund managers who understand silver/gold and not trading according to TA) were working a buy order in to get ahead of expectations for a strong 2013.  I have yet to look at the March2013 COMEX contracts, but that would be the first place I’d look to see if volume hit there first.  The fact that the upward moves were taken back has more to do with the small number of ready buyers rather than any new sellers of size, in my view (other than the cartel, and it looks like the cartel was only capping the trade today).

    RSI is now at about 26 — a huge washout.  We’re setting up for a strong January as the general “risk on” trade and strong commodities overall set the tone for greed to return to silver.

  14. A nice conspiracy I just thought up. Someone owns a lot of silver, Goldfinger style, and wants more money for it. 
    Bio weapons. Like via food or air. And only silver will cure you of the toxins. Silver goes crazy, and nobody is selling. People are dying. Confiscation. More holding and hiding. More casualties. Then, when prices are wild, orchestrated selling all around the world, under the table, at even higher prices. Wealth shifted, some real estate bought, a new kingdom born.

    For now, my own theory is suppression since there is not enough silver to be had to even get properly rich on the prise rises ahead. You can look at it shine, but you can’t buy it, as the price will rise too quick for you to ever own “enough”. Big buyers can’t touch silver, it means all the others get rich, not them.

  15. Satan is real ,just look at the Prices ,just falling like Stars from the sky..cause the Devil wanted it to,So they can do a little covering,’shake the long investors so they would sell off for TAX purposes ,Now thats Done lets Create some New wealth, Expect $50 very soon within a couple of months, watch and learn…Satan never changes//

  16. Pump before the dump, cartel taking profits from the move in price.

  17. Let’s try to contain the euphoria. Silver popped 60 cents big whoop. Wake me up when silver is up $3.50 on the day.

    The great thing about this silver suppression is silver is still so cheap you can buy a lot with not a lot of money.

    At $30 I can pick up 33 ozs with $1000 Monopoly money. At $25 I can nab 40 ozs. If they go Armageddon and take silver all the way to you MAYBE can buy 50 ozs. But it will prolly be like 2008 when silver was under $10 but even 100 oz bars had 2-3 dollar premiums and Eagles were selling for $15 – if you could even find it- when spot was $9. Projecting the past into the future if everything falls apart, silver might drop to low $20s and yet Eagles will still sell closer to $30. Nothing to worry about if you have real money in hand:)

  18. @UglyDog: Would be so kind as to post that passage from Genesis. I would like to read it! Thx.

    • @RocketsRedGlare   There are more verses about money than any other topic.  In Gen 2:12 God states that “gold is good”.  That’s important because of the Law of First Mention.  So we know God’s opinion is that gold is a good thing.  God continues in Gen 13:2 “Abram was very rich in livestock, in silver, and in gold.”  God could have made the store of wealth pieces of papyrus engraved with a picture of the Pharaoh. But, that’s not what he did.  God identified real things, hard assets like gold, silver, and livestock to be money.
       
      Keep reading and it gets really interesting when you get to Gen 47 the story of Joseph in Egypt.  Never raising a sword, using only economic warfare, Joseph was able to control the entire nation of Egypt.  And you better believe the bad guys of our world today know their Bible, because they are doing exactly what Joseph did to control a population through non military means.  Incredible.  It’s all there in Genesis.

    • “In Gen 2:12 God states that “gold is good”.”

      Of course we know this.  After all, gold IS the preferred paving material in Heaven!  ;-)
       

  19. As far as I’m concerned I know TPTB are still in control of prices. I don’t want them to rise until the Event. As much as I would like to cash in some of my insurance for needful things in preparation for the Event. What TPTB are doing is a gift and they keep on giving! I’LL TAKE IT, because I’m down to selling my used drill bits in yard sales to get more. The cheaper the better.

Speak Your Mind