Silver, Gold Down on London Bank Holiday

Live 24 hours silver chart [ Kitco Inc. ]Surprisingly, silver and gold have been rather quiet this morning, particularly in the face of the escalating European debt crisis, and the London market closed Mon & Tues for a bank holiday (Next London fix is Wed AM).
In conditions that are classically used by the cartel to raid both metals, both are down only slightly, with silver trading as low as $28.17 (rather amazing that trading down 2% is considered quiet trading in silver during an illiquid trading day!) but is now back near $28.50.
Silver needs to hold support near $28- expect the cartel to make several efforts to push silver back below $28 and gold below $1600 over the next two trading days (with London closed).

Live 24 hours silver chart [ Kitco Inc. ]

Gold traded as low as $1614 this morning, and it will be critical for gold to hold $1600 through today and tomorrow’s close.
If gold can manage to pull consecutive $1600+ closes off the next two days, the worst of the correction will likely be behind us.

Live 24 hours gold chart [Kitco Inc.]

Comments

  1. The Calm Before The Storm

  2. For Those Of You Who Don’t Know What “POMO”, (Permanent Open Market Operations), is—This Is A Great Example: Here’s Today’s Dow FUTURES Chart “DUMP AND PUMP”—PUMP AND DUMP LOL!

  3. Hundreds Of Thousands Of Silver Bars Here,- There,- Everywhere In The COMEX Silver Vaults LOL!

    737,496 Oz. removed From HSBC
    596,820 Oz. Deposited Into Scotia

    HOW DO THEY MOVE ALL THIS SILVER?


    I HAVE NO CLUE-SO JAKE!

    They’re Lining Up The Trucks! LOL!

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