*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.
Silver’s big move is likely short covering as a result of the news that Sprott’s PSLV will complete a follow-on offering- meaning another substantial chunk of physical silver will soon be removed from the market.
After a brief consolidation just above $32.50, 2nd leg of vertical move now getting underway:
Gold is also strong this morning, with a last of $1740, and looks ready to run to $1750 early next week: