*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 $1750 early next week:
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
Silver and Gold are up, but stocks down. Will the disconnect continue?
This is the PSLV buying a boatload of silver again spike?
It is probably something like that because now silver is going down and there must be an explanation to that sudden spike on the silver’s price.
Gold is up, too, but not quite as vertical.. Short covering by the big guys. Yep, that’s my guess.
Glad to see it, maybe we will have an UP week for a change, but it’s hours til the close..
Still, I’m liking this!
My opinion of the equities market is well known. Opinions notwithstanding, there will be a major breach in the equity markets and precious metals. Paper will lose favor after the QE stimulus wanes. Commodities will gain even greater favor when inflation pressures and mistrust of the rigged casinos will rotate billions to oil, land and PMs I don’t now quickly this will happen but if our politicians don’t come up with some sort of tax patch, the equities will tank badly. The chances of it happening in November or December, months that have presented problems to banks and the stock market, is pretty good.
Chances of what happening, AG… tax fix or equities crash because of no fix?
It happens during the winter the poor and middle class are going to be hit the worst with rising heating costs and food costs. Top it off with medical costs rising and it is a perfect storm.
I think that more people are going to buy stuffs that they will need such as foods and then keep them stored as inflation goes worst in the future. More people are also going to start gardening. I’m wondering about when will the 500$ bill be released?
Whoops- the red bars have shown up at the party. It seems like in these past few months we only get increases in the form of a sudden jump of 30 to 90 cents, then a wobbly attempt to maintain, then a monkey hammering, then a few days of doldrums, then another spike. Poor silver, throwing itself against a solid steel ceiling.
Huge fight in volume today on both sides in silver to close above or below 32.50…
we will see
Looks like Blythe the bitch and her backup dancers have shown up for the moment. Nice to see it make a run either way.
No worries, we’re back on the up past 32.50. The half life of this paper shit is hilarious.
That is the germane point, and is indeed hilarious. Like a career junkie who needs to take 4 times the heroin to feel the same effect as he did years ago..
I need another silver fix, starting to get edgy.
Obama Fires Top Admiral For Advocating Libyan Rescue? By Mort Amsel (Reporter) According to this report, yesterday (27 October) Obama ordered the immediate removal of Rear Admiral Charles M. Gaouette from his command of the powerful Carrier Strike Group Three (CSG-3) currently located in the Middle East. CSG-3 is one of five US Navy carrier strike groups currently assigned to the US Pacific Fleet. US Navy carrier strike groups are employed in a variety of roles, which involve gaining and maintaining sea control and projecting power ashore, as well as projecting naval airpower ashore. The aircraft carrier USS John C. Stennis (CVN-74) is the strike group�s current flagship, and as of 2012, other units assigned to Carrier Strike Group Three include Carrier Air Wing Nine; the guided-missile cruisers USS Mobile Bay (CG-53) and USS Antietam (CG-54); and the ships of Destroyer Squadron 21, the guided-missile destroyers USS Wayne E. Meyer (DDG-108), USS Dewey (DDG-105), USS Kidd (DDG-100), and USS Milius (DDG-69). US news reports on Obama�s unprecedented firing of a powerful US Navy Commander during wartime state that Admiral Gaouette�s removal was for �allegations of inappropriate leadership judgment� that arose during the strike group�s deployment to the Middle East. This GRU report, however, states that Admiral Gaouette�s firing by President Obama was due to this strike force commander disobeying orders when he ordered his forces on 11 September to �assist and provide intelligence for� American military forces ordered into action by US Army General Carter Ham, who was then the commander of the United States Africa Command (AFRICOM), against terrorist forces attacking the American Consulate in Benghazi, Libya. General Ham had been in command of the initial 2011 US-NATO military intervention in Libya who, like Admiral Gaouette, was fired by Obama. And as we can, in part, read from US military insider accounts of this growing internal conflict between the White House and US Military leaders: �The information I heard today was that General [Carter] Ham as head of Africom received the same e-mails the White House received requesting help/support as the attack was taking place. General Ham immediately had a rapid response unit ready and communicated to the Pentagon that he had a unit ready. General Ham then received the order to stand down. His response was to screw it, he was going to help anyhow. Within 30 seconds to a minute after making the move to respond, his second in command apprehended General Ham and told him that he was now relieved of his command.�
In military terms he wasn’t fired, he was reassigned. Wonder what will happen to Brig. Gen. Jeffrey Sinclair? Bet he will be reassigned to Ft. Leavenworth for unauthorized use of his zipper.
WOW! This is a wild ride!
lol $35.00 was the last big resistance point. thats the one im waiting for not $32.50 lol
I’m waiting for silver to go back to 40$ per ounce once I have accumulated enough ounces of pure silver. Right now, my main and most important goal is to get 1000$ in face value copper pennies because the Canadian government is going to remove them soon.
Silver almost closed up today 1% for the weekend. Got to 33.89 at one point. Good run this week. Time to have a black russian and relax.
Just in time for a Monday smack down and profit taking by the big boys.
Somehow, I do not think that I would turn to the GRU for unbiased info on much of anything. Not that crap isn’t happening but WHY it is happening may be totally different than is presented in this report.
On today’s news, General David Petraeus resigned, supposedly over an extra-marital affair. Somehow, I am not buying it. It just seems oh so convenient given that he was to testify before congress on Benghazi in a few days and now will be replaced by his CIA deputy. As a military officer, Petraeus is a man who does not play fast and loose with the truth, unlike politicians and long-term CIA spooks. His long and excellent military career speaks for itself. This looks a great deal like more of the same cover-up and my BS detector is pegged in the red. One can only wonder what the REAL story is here and how they managed to twist his arm hard enough to get him to go along with whatever they are now shoveling.
@Ed_B You’re right, I am not buying it either (just as I am not buying the Einstein is a genius bit).
Blackmailed him to stop his exposing the Benghazi scandal next week when he was due to testify to congress about it.
During my career as a scientist, I knew several physicists and none of them agree with you. You have a perfect right to your opinion, as do we all, but supporting that opinion with facts will enhance it considerably. Those who do know a lot about physics and math concur that Einstein was a genius.
It really is not necessary to tear down Einstein to build up Tesla. If his work was as good as you believe, it can stand on its own merit.
@Ed_B I am not questioning the brilliance of the theories/patents that Einstein has passed as his own, that’s not the issue. The issue is that he was a liar and a cheat at others expense. The real inventors and scientists never got the recognition they deserved. This is not just an opinion or my opinion, it is based on facts. We should distinguish between opinion and fact, especially when opinions are not based on fact and science are involved. I am also not one to take “several physicists” opinion as legitimacy of anything. I am not impressed by titles and the likes.
By the way: I am not fighting, I am just saying that there is more than meets the eye.
Neither of us is “fighting’, SB. Both of us seem to be voicing our opinions. We seem to be in the position of agreeing to disagree on this one. I don’t believe for a second that Einstein was a liar, cheat, thief, or whatever. Science, particularly back in the early 1900s, was very competitive. Anyone who could have proved any of this against Einstein would have done so and then basked in eternal glory as the one who brought him down. This did not happen. My conclusion is that it did not happen because there was no merit in the claim. You have a different view and that’s fine. I simply do not share it as you do not share my view. :-)
Ed B I’ll wing a bit here and give an educated guess on the direction of equity markets. Even with the fiscal cliff and sequestration, all the other factors, most particularly the earnings from entire world of DOW and S&P companies will crater in the fourth quarter, exacerbated by Europe’s woes, China’s slows, and ZIRP. Dividends may be hit with a huge tax increase due to the absolute unwillingness of Il Duce to compromised on tax reform without increased taxes on the higher income earners. Boner, Bainer the head shed of Congress with talk oout of both sides of his mouth but when Dear Leader sits in the oval office and Harry Weed is on the warpath to shove taxes up our butts, I smell a compromised with bipartisan tax increases for every one of us in this country. Call me a skeptic but I’ve watched these wretches in action since 1968. When it gets serious they all lie.
If the dividend tax goes up for the higher income people, it will hammer the equity market since stock prices are well tied to dividend yields. Triple the tax and your post tax PE ratio to yield is blown to shreds. Capital gains will pose another problem within the equity markets, making holding them increasingly unattractive. I guess my sense, being an amateur investor in the market from 1968 to 2011 (amateur means a piss poor investor) there are some basic rules that government equity prices. Get kicked in the nuts enough by losses based on stock market insanity and even I learned to listen.
Even the flood of cash to the markets through QE X, Y and Z will see an end to its effects. That dopium has its limits. Besides which, well over half the trading is HFT algos that could coalesce into a crash much like the one in 1987, or the fast and painful tech wreck crunch that lasted several months. Computers are many things but they are not rational investors.
If we have a major bank failure similar to the Lehman crash of 2008, with Dow going down 50%, then all bets are off since the facts and figures of normal trading disappear. A TBTF USA bank tanking is more remote than a Europe bank going tits up but Dexia just failed for the third time, so that bodes ill for the EU. I think it is less likely to happen here for no other reason than QE 3 is blowing trillions into the bank balance sheets.
The fiscal Cliff will just be another painful aspect of an equity crunch IMO
I’ve also been listening to Greg Manarrino. He appears to have a solid grasp of charts and their predictive abilities. He’s doesn’t try sell anything more than his book, maybe profiting himself $3 a copy at most, so this work he does is more a labor of love than a profit center. His creds with me are pretty good and I think he is on to some really important factors that spell problems for the markers and benefits for us stackers. All said and done, nothing in the long term equity market blows wind up my kilt so to me this market is just an accident waiting to happen.
Good to hear from you, AG. I will respond as best I can. :-)
Yes, the equity markets are in serious jeopardy, IMO, as well. Investors can absorb a certain amount of difficulty or “uncertainty”, if you will, but not the HUGE amount that has been shoveled onto it in the last few years. It would not surprise me to see a major drop, if not a collapse, of the equity markets over the next 6-12 months. As January 2013 approaches things could get very sticky, indeed.
“I smell a compromised with bipartisan tax increases for every one of us in this country. Call me a skeptic but I’ve watched these wretches in action since 1968. When it gets serious they all lie.”
Heh heh… we both know that pols lie even when they do not have to just to stay in practice! ;-)
That said, I agree. Something is up and it smells to high heaven. It is looking more and more like the old Charlie Brown, Lucy, and the football shtick. Yes, they will make a deal for immediate or even retroactive tax increases in exchange for spending cuts at some point in the future. These cuts will never actually happen, of course, but the tax increases will be real enough. We’ve heard this sad old song before and it always ends the same way with more taxing AND spending but no real solution to our fiscal dilemma.
” It fortunate that he did not meet with a accident.”
Indeed so, AG, but there is still time for that should be be subpoenaed to testify anyway. As I understand it, there is precedent for this, such as with Rumsfeld testifying before congress after he had left office.
As to impeachment, it’s a non-starter. Yes, the House could easily impeach the anointed one but the corrupt Senate would never convict, no matter how solid or damning the evidence. He’s their guy and they ALWAYS protect their guy, no matter the cost. Although I dislike Dem policies in large part, I do admire their sense of loyalty, even if it is misplaced at times.
I also am an investor and observer of the markets. I have done well at this, making enough to retire comfortably in 2004 at age 55. I can say that the stock market of today does not in any way resemble that of the 1980s or 1990s. Both the Fed and the gov have interfered with the “free market” to the point that it is now distorted beyond recognition. Fundamentals have always guided my buying and selling of stocks and mutual funds but gov and Fed meddling have now taken precedence over fundamentals. This makes it very difficult to invest because this meddling can and does change direction without any warning whatever. High Freq trading, massive derivatives, interest rate manipulations, the slow train wreck in Europe, and other recent financial inventions further muddy the waters.
“But he will seek vengence on all involved.”
Agreed… and that is likely to give them pause before embarking on a fools’ errand.
Ed PS on Petreus. There is not a chance in the world that his affair was unknown. The fact of it was just a wild card that BHO, Hillary and the CIA tucked in their vest to be used on the day when needed. This is the proverbial honeypot but being used by our people against an honorable soldier. Getting involved in the CIA was a huge mistake IMO. The military protects its own. The CIA consumes theirs. It’s in their nature. It fortunate that he did not meet with a accident. Note that he made a clear statement after the Benghazi affair blew up. His statement was that no one in the CIA issued an order to stand down. The fact that the safe house was a CIA front and the people involved were to some degree or other part of the CIA infrastructure, Petreus signed his own warrant through his statement of exculpation, effectively throwning the blame right where it belonged. IN the laps of Il Duce, Matahari and Tokyo Rose Now he can’t be compelled to testify and testify he could, indicting BHO and his people.
It may still create an impeachable event for Der Fuhrer but that will be seen in the fullness of time.
I remember well what brought down Nixon. It was peanuts compared to Benghazi but now the adversaries of the WH occupant are republicans not democrats. I doubt if they have the steel for this battle and the Senate will not do squat, any more than they could run Clinton out of office.
Like Machievelli said. “If you strike the Prince, make it a mortal blow. I don’t think there would be much more than a wet willie in store for BHO as a result. But he will seek vengence on all involved.
“The fact of it was just a wild card that BHO, Hillary and the CIA tucked in their vest to be used on the day when needed. This is the proverbial honeypot but being used by our people against an honorable soldier. Getting involved in the CIA was a huge mistake IMO”.
Agree 100%!
” The military protects its own. The CIA consumes theirs.”
Thus we see the difference between MEN and scorpions.
I hope that silver goes down so that we will all be able to purchase more silver very fast and easily and it did went down right now!
I know that silver won’t go lower than 29.50$ according to a line made from the 2008 lows to the 2012 lows.