Silver Goes Vertical Again, Spikes Through $22 on Asian Open!

beach ballAfter Friday’s monster $1 rally of nearly 5% in silver, and $20 in gold, the metals are again breaking out to the upside on Monday’s Asian open, just as we forecast on this weekend’s Metals & Markets.
Silver opened Globex trading with a vertical move, and after consolidating around $21.70, is spiking again on the Asian open, and looking like it wants to challenge the $22 level this evening.

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Silver spiking towards $22:

Gold is attempting its 2nd test of $1325:

Look for follow-on buying to continue throughout the overnight Asian and London sessions as momentum buyers and algos board the train.
After 2 plus years of enduring relentless cartel take-downs, particularly on Sunday market opens, the current sustained bull move is a breath of fresh air to PM investors.
While we caution investors to be on the watch for the cartel to attempt a major capping effort by mid-week, if silver takes out $22.50 to the upside in the next 48 hours, there is the possibility a substantial short squeeze could quickly develop.

As silver’s long term chart clearly demonstrates, it appears a classic bottom has been placed at major support of $18, which marked the top of the first major bull move of the current secular bull, and also served as a major consolidation point for the metal in its move off the 2008 lows near $8.

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Comments

  1. I only saw it go to $21.96 but your close as it’s still early yet. Lol Also the shorts are going to be screaming in the morning when they see the prices and that the dollar is nearly under 80 LMAO



  2.  
    When it hits $50 dollars an ounce. Hit me up with this all time classic!

    • Thanks for that.
      Look what freedom produces. A small number of evil men in high places want to end this great experiment in self governance and return the world to a brutal feudal system consisting of the few haves and the great myriads of the have nots. We had it all in America the Beautiful.
       

    • Funny thing about that,  medical service will not be availabe after an apocalyptic crash. What good does it do a self proclaimed “duke” or “Dutchess”  if they die at age 35 from lack of insulin? :-D who’s going to build those beautiful yachts? Skilled labourers require high wages and education. I think we can all agree it’s better to be a billionaire without peasants and cold keeps, and benefit from technology. I mean, suck ups still bow and scrape for favors, so you still have the groveling part, lol! 

  3. NetRanger….great piece.  Thanks for a nice trip down memory lane.

  4. Crazy!!! Bring it on! I got my preps, now this gift! I have been buying knowing its on sale! I’m happy for the miners and distributors. Time to play a little catch up!! If I’m wrong and the bottom comes back, I’ll buy more..lol…

  5. SGR from 65 in 2 weeks or so to under 61. 
    Gold advantage from the mutual bottoms is now fully corrected. Silver and gold may pair up nicely hereonward, just silver silver moving faster.
    I wish silver would hover at $20 another year or two, but price strength is good for the spirits also.

    • XC, would like to see silver @ 20 for that time too, only so I can buy more. But it is what it is. Do you think this might be the nexus we know is comin’ or just a fluke? Just wonderin?

    • @Tiger
      2012 I was so sure $26 was the bottom. And I bought all I could early 2013.
      While I was wrong, and $26 seemed a representable bottom to me. Now that we’ve had $18 as new resistance, and years have been added, ore grades diminished further, us stackers doing our part alongside India and China…the inevitable rise that shuts us out of the market is bound to come sooner than later. And the more it’s delayed, the more violent it’s bound to be.
      At which levels will the Johnny Come Lately’s join our efforts? I am seeing new people responding to my classifieds, and depressed old customers looking to get back in. We might get what we came here for without them, eventually, but we need more stackers, like 3x more than we are, to really find the stockpiles, and deplete them. Until then, I aim to add. Slowly, as I am all-in as it is, and my fiat luck seems to have run out forever.
      Bullion dealers (Europe) are telling me they have BIG orders to fulfill. The well-off are stacking monsterboxes. Well, good for them both.
      I do see though, for instance on Provident metals, that many private mint rounds are sold out. The mint don’t want to offer them anymore? Dye’s worn out? On to new adventures of business? Seems weird to not keep supply up when it seems there is good demand. Perhaps it IS getting harder to obtain silver in large quantities at spot pricing. Or mints are being held back by denied credit to make them do what they do best? I imagine it must be quite an undertaking to mint rounds and try not be caught out by a price dip after you got in. So much investment for such a low margin per round. 
      I digress. I want a wide assortment of private mint rounds, and it seems to be a meager assortment. Complaints about US Mint, as usual.
      Canada is still supplying well it seems, although I’d be fine if they cut the Peregrine Falcons’ scheduled mintage short to satisfy Maple demand. I have some on order and will order more when I can.

      Summary: I HOPE that we’re not breaking out, but I’m not going to keep the fiat I do not have on the side lines to watch and wait. I am quite happy to buy at $22 when before I considered $26 a bargain at which to go all-in.

    • @XCSkater
      Thanks for the response. I suck at calling bottoms in anything. But silver @ 18 bucks did shock me. Like you I’m all in and adding as I can. Agreed that more stacker in the game the better and that silver is still on sale.

    • I like your style, XC
      I was greatly buoyed the other day, we had a 1.25% increase in Gold spot price (at close, Friday, Feb14)
      and SILVER was up 4.98%!!! THAT is the ratio that I watch. Remember how low the GSR got in 2011???
       @XC Skater
      @xc-skater 
      not sure if the cut-n-paste of SN always works… :-/

    • @RGR
      I am always surprised what the tag thingy responds to. Bet it doesn’t to this.

  6. I want both metals to rise back to their peaks and then they can take a nap for awhile.

  7. They are only dangling cheese for you to sell your pms as tax time comes. Hoping you will sell on the higher price as you need money to pay your taxes.

  8. When they dangle a $30 steak I cant hold out any longer. I will sell.

  9. It seems apropos to repeat … if the Chinese and Indians have concluded that the paucity of circulating bullion is not a mere temporary ‘bottleneck’, as claimed in Western circles, their tactic may well likely shift from ‘help suppress the bids to get a lot cheaply’ … to one of ‘there isn’t much remaining and since ‘payment’ is only paper stamps, chasing low-ball bids is counter-productive at this juncture’.
     
    If this is the ‘big picture’, which a lot of current circumstantial evidence is increasingly indicating, then the point of ‘unlimited bid verses no offers’ is fast bearing down on us and we certainly will awake soon to … ‘the fateful day’ … where ‘you have what you have’.

    • Pat…the day ‘that ya have what ya have’ is already here;  Question is….what do ya have?

    • Not sure I agree. We’re just getting off a multi-year bottom. If silver is to do better than meet inflation on any significant time frame, there is still time to get in. We can’t play the last-minute-chance card for years on end. It’s been proven that apocalypse is not quite now. Those who were earlier got to buy higher, much earlier got to buy even lower. But today is as good a time to buy as 3 years ago. One could have had cash on the side lines all that time and do better than us early birds over that period.
      I play the semi-numi game, so I am getting ahead even in flat or level prices, but that’s like invest work into silver rather than dumping cash one time. More like mining in that respect.

  10. Is the train leaving the station?  Best to keep an eye on the sky.  When will the peeps get wind of the changes ahead? 

  11. Excluding the quiet Monday, the remainder of the week will tell volumns about the direction of silver.  Should there be an attack by the cartel, then 20 is a reality.  The question is: What will be the reaction to that smash down?  If the smash down doesn’t happen this week, then 22-23 is where the lull could happen.  Those of you with a need, start buying now!

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