For the 2nd time this week silver has been smashed under $33 on the COMEX open. The first major wave of paper dumping began around 6am EST, with silver falling from $33.20 to $32.96. Silver then consolidated over $33 until the COMEX open, when it was treated to another waterfall vertical decline to $32.63.
Once again the $32.60 level has held as support for now, as massive buying again emerged just north of the crucial $32.50 support.
Silver’s flash smash to $32.63 occurred so quickly that it is failing to register on the 24 hour chart:
Gold was also smashed nearly $15 from $1752 to $1736:
We believe the $32.50 and $1735 areas are VERY ATTRACTIVE accumulation zones for both gold and silver and professionals are accumulating into this current price weakness and correction. Sadly, 95% of gold and silver investors will continue to wait on the sidelines hoping for another chance to buy silver near $26, and gold near $1650, and will likely end up chasing the next rally and instead purchasing at $37.50 or $40 and $1850 gold.