Silver Spikes to $28.34

After jumping to $28 in the overnight Asian session and consolidating during the first 5 hours of London trading, silver spiked through $28 to as high as $28.34 on the COMEX open.
$28.50 is now in focus and once $28.50 is cleared silver should target $30.   Consecutive closes above $30 will initiate big moves from those who have been on the sidelines.
Not to get too far ahead of ourselves, silver remains in its 2 month old range trade, but a break out from this range (we believe to the upside) is nearing.

Gold also rallied strongly on the COMEX open, but was instantly knocked down, and has subsequently been smashed below its pre-COMEX range to $1613.   Look for gold to continue to consolidate in the $1610-$1630 range, and make a move to the $1650 magnet likely by the end of the week or early next week.