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 $1850 gold.
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_silv.gif)
![[Most Recent Quotes from www.kitco.com]](http://www.kitconet.com/images/live/s_gold.gif)
Thought WBG would be more effective … or did I get it wrong?
Does their announcement mean, that they want to take action between the 16th and the 23rd, so at one of these days and NOT (as I understood) through out the whole period of time?
Sorry for asking, as I am not a native english speaker …
The open interest as at 10/17 for the Dec 12 Silver Contract was 85739. Unless the banksters are able to frighten a lot of people out of their positions within the next seven weeks they could be in serious trouble. In terms of physical silver both the Comex and LBMA are running on fumes. The month of December could be very interesting. A failure to deliver is inevitable. It’s just a question of when.
i can only laugh at how obviously rigged the paper metal markets r….
great job Bart……
Lets hope this commercial signal failure happens in december. Im taking more phyzz off the table this week and next. Total 30 oz in eagles in two weeks.
Platinum is what is getting hit hardest at the moment. Silver didn’t stay far down long. Oil is coming back up a little from being down more earlier, Dollar is up some, base metals about neutral, stock market standing still, seems like normal market activity, what is the fuss about?
Another day, another paper blizzard.
Bankers gotta short, haters gonna hate. There’s a bridge out up ahead and they stomp the gas and head straight for it. They must have another rabbit in the hat or some new legal schtick in mind cuz this ain’t working. The witch is raging and the munchkins stand there defiant. Is that a house dropping from the sky? =)
I was going to say that
Now, silver is at 32.05$ per ounce which dropped 0.50$ than the price mentioned on the article. When silver is higher than 33$, I buy a lot of junk silver since they have low premiums and sometimes some pure silver ounces. When it is lower than 32$, I buy a lot of pure silver ounces. On silver’s chart, if you draw a strait line from the 2008 lows to the recent 27$ lows, you will see that silver never went lower than that line. According to the line, if silver goes back to its lows, it will never go lower than 29$ right now.