Silver Goes Vertical, Spikes Through $34, Gold Clears $1750

After consolidating throughout the entire overnight Asian and London session between $33.40 and $33.50, silver has just broken out with a vertical move to the upside, taking out $33.50 and popping THROUGH $34.

 

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Silver goes vertical with a last of $34.14:


*Updated:  Silver extending gains with a last of $34.25:

If silver can clear $34 and made a daily and weekly close above the level, we should see massive short covering early next week, and a quick run back to the recent highs near $35.50.  If silver is able to take out $35.50 to the upside, expect a quick move to $37.50, and likely a run to $40 by the end of the year.

 

Gold with a just as impressive move through $1750:

 

Now that gold has cleared the weeks long bullion bank cap of $1730, look for the metal to quickly move back to its September highs of $1800, and once $1800 is cleared, to make a strong move in December back to all-time nominal highs near $1915. 

Those who have yet to back up the truck during the recent 6 week long gold and silver correction will find themselves chasing the market higher, as the next big bull move appears to be getting underway.

Comments

  1. So what. It dropped from OCT 1 to NOV 1 is now coming back to OCT 1 levels. If this is what they call a 5% increase, they can stuff it. We are getting back to OCT 1. If it goes up to 40.00, then wake me up.

  2. @Thomas

    Go to sleep with the rest of the sheep. I promis I’ll wake you up later 

  3. I still say the resistance level is $35 and when it crosses that, Then I’ll Take Notice. Just a difference of opinion. Lol

    • @Marchas45
      Yep Charlie we want 35.50. Remember the charts I did just prior to QE3 in september? I had highlighted QE timelines on the silver chart, well lets just say Merry Christmass & Happy New Years!!

        

    • It will go there very soon, I see a $38 – $40 Christmas silver level, after all, the holiday brings out the “Silver and Gold” in almost everybody. Call me kooky but it seems ready to roll. Good fortune my friend.

    • @Marchas45
      Charlie this is the chart Im talking about.

       

    • @2 OZ
      @Marchas45Charlie & 2oz this is the updated chart and were I feel were at in the QE timeline. I feel we have finished the sideways move and will head in an up trend from here.

      All others just have fun with the charts a five year old did them

       

    • @427 Yep I remember the chart and I also remember our Brother Jake telling us that the Resistance point was $35.00 so I’m not getting carried away and I’ll keep stacking no matter the price up or down but when it goes over $35 I’m all in, credit card and all. lol

    • I have to agree on this one. It’s been a long time that silver wasn’t at 35$ per ounce and when it was at that price level, it didn’t stayed like that for a little bit longer. Right now, silver is at around 34$ per ounce so there’s only about a dollar left for silver to reach 35$ again.

  4. Please allow me back in by Jan/Feb, I’m broke until then!
    Trying to to the upside with a tiny leveraged paper thingy, but it’s not the same…

  5. stocks arent moving(hint)–  if this holds just wait till monday when the americants come back from holiday. 

  6. All because the Euro – the ugliest girl in the room – had a little makeup painted on her face by the germans?  Let’s see if this price spike sticks; the folks over in Turdville seem to believe there will be a smackdown next week.

    For those who are suddenly feeling a sudden impulse to buy ‘before it goes even higher,’ a wait-and-see attitude may net you more SIlver for your dollar next week.  But what the hell do I know?  Do your own due diligence, as always.

    • The Euro? I thought the US dollar was the ugliest girl in the room because that’s what everyone was saying about seven months ago. All I know is that gold is the prettiest girl in the room, for the moment as silver is going to become the prettiest girl in room soon.

  7. Appears only a skeleton staff from the Plunge Protection Team is working today and they’re probably loaded up on tryptophan.  Don’t read too much into this little spike. The boyz will be back on duty early Monday morning when the Asian markets open to reverse it all.

    • Yup totally agree. The PPT are overwhelmed today with dreams of Turkey dumplings and sugar coated Christmas bonuses. The big beat down will come either late today or Monday about, oh,,, 10:30 am, because they are no where near out of ammo to drop this baby back to $31 or so in an hour or less.

    • Yup or the COMEX open they will smash it back to 33 or lower.

    • Got your silver shorts all ready, UD?  Gotta make some paper money from that knowledge and then convert it into REAL money.

  8. Long Term we all know where the metals are headed. I think da boyz we will be back with next week and throw everything they have at the metals to bring them lower. They might have some short term success. The way i look at it the longer it stays here at these levels the more we can buy at a discount.

    • If not for the cartel, silver would already be $150 an oz., heading higher, and none of us would have much of a stack.  I, for one, really appreciate their help. 

    • We all sure know where precious metals heading on the long term but there are a lot of new precious metals buyers who doesn’t know that or they get discouraged whenever the metals’ prices go down so they sell all their metals.

  9. Any other sources where that spike reached $34? Kitco is just expensive for ask prices. Big spread. Which may be why SD Bullion tracks their rates.

  10. Looks like $40/oz is coming in Dec. That was what I told.

    • I was told that silver will reach more than 50$ per ounce by the end of January 2012. But I believe silver will reach around 40$ per ounce due to QE3 and QE infinity.

  11. My take on this – any day where it closes up in the green is a good day. We know there will be lots of bad bays, we know a massive raid is likely set for next week before the end of the month.
     
    I have been quite frankly shocked at how well silver took the multiple beatings they handed out last week. I fully expected it to fall this week and the fact that it has not only maintained its composure, but advanced is great.
     
    We are going to win, be it next month, or next year. The game will go on until it doesn’t and when the deck is stacked like it is, I know that I’m not good enough to be able to call pricing. In the mean time, I’m buying as much as I can, as often as I can

  12. Right there with you 427. Let the sheep sleep. You are more kind than I. I’ve done as much waking as I can. Waking the sheep will make quite a mess at this point. Let them sleep a while longer while I raise my stack. LOL.

    • the saying is, it isn’t a panic if your the first one out the door. We’re all leaving the building with stacks in hand. The stampeded is going to be scary at some point

    • @2OZ

      Hi buddy lol I can’t be my self here to much cencering. Did you see what I left Charlie? Im going to try and post my old charts from September & Current ones that shows were I feel we are on the QE timeline  

    • Guess they haven’t heard that their only real world use is as wool and mutton.  lol
       

    • I tried waking up some of my sheep friends but they won’t listen to me and they tell me that I am a crazy person who says nonsense stuffs. When I talked to one of my friends about buying physical gold and silver, he told me “I don’t need that” and another one looked at me weirdly when I told him that if I’ve found a million dollars, I would use it to buy gold. 

  13. Nov 30th is D-day, there will be beatings and craziness next week.  Unless of course the boyz will just roll over and play dead.
    It’s quiet out there… too quiet… ;)

  14. OUCH! Cartel’s Covering taking their Hits!

  15. @427, thanks for sharing your charts.  Time will tell whether we’ll hit $40/oz by New Years.
    Here is a link to an article highlighting shortages in Physical:
    http://tinyurl.com/b7rshu5

    Stack while you can…although it may be a lil’ cheaper to do so next week than today.

    P.S. greetings 2 oz, good to see you visiting.

    • @Mammoth

      Sorry I ment to get back to you sooner but got all tied up in family stuff. No biggie on the charts just a correlation with QE and silver witch I feel is the main mover of silver since 2008. As you can see silver only broke out since QE1 and kept going so did QE2, Operation Twist, QE3. Im not going to guess how high silver will go because I prefer looking how low the dollar is going. It is in essence a ratio Whats the dollar to silver Ratio just like gold & silver. All I know it’s going up, How fast it dose is what we need to worry about. Yes worry, this will be TSHTF 

  16. Hey 427 ole pal’. I’m posting very infrequently. I am reading though. Gotta keep up with all my friends. I’m doing more to get myself ready than anything else. Happy late Thanksgiving to all. The COMEX is crackin’ so keep on stackin’.

  17. P.S. The DOC has some good deals. Get’em while you can.

  18. Stack while you can folks. If the price gets knocked down to $30 or below I dont think that I will be able to get any physical for that price. The premiums are really creeping up here in Australia , perhaps the disconnect between physical and paper has begun.

    • Sadly, silver will never go back to 30$ per ounce or even lower than that. If you draw a parallel line from the 2008 lowest price to the recent 2012 lowest price, you’ll realize that silver never went lower than that line. That line represents the amount it costs to produce an ounce of silver.
       

  19. Umm why is Netdania reporting $34.0250 and Kitco $34.14 right now?

    • That’s because the prices of silver load up differently on each websites. Some websites load the silver’s price faster while the others don’t. In general, I agree with you that all prices of silver should be the same. This question is also on the forum.

  20. Why should a manipulated market not be interpreted differently between different (for-profit) reporters? 

  21. Remember we were at $50.00 an ounce. So until we get back there. We are just recouping the losses. Just wait and stack the Smack…Hear My Blythe Masters! Jim Rodgers said your not very bright. 



  22. gold to breach 1800 before i get to excited but im still happy looking at any jump of 2%  + …. that indicates some pressure and momentum …. i hope

  23. Seems like a short covering rally.  75 cent move is nice but it doesn’t confirm anything.  They just lower margins recently to suck in more suckers.  I’m not buying this move until gold hits 1800 and 35.50 like 427 has said in his charts.  Not a big believer in charts but the battle line is drawn at 35.50 for silver.  I highly doubt we see 35.50 before New Year’s but I hope I’m wrong. 

    • @duckvision

      Hi duck ya I don’t believe in charts either. People try to guess the future drawing lines and coming up with a conclusion. The only thing a chart shows you is the past, were in this case where silver was. History dose for the most part repeats it’s self. So I started to look at the similarities and the past effects of QE. It’s just a timeline to see if it had an affect on silver in the past and if it did will it in the future.

      We had a short 50% gain in silver after the housing bubble poped and then it fell back to the previous price. However since they started QE silver has only climbed higher do to it. I feel we can all see the market reaction from QE on the silver chart.   

    • That’s like saying “I’m not going to buy this item until the sellers raise its price up”. You also want to spend the less as possible on more silver instead of the more as possible on less silver. I buy whenever I have the chance.

  24. Just want to add that I am IN, recognizing the need for asset protection at a very late date relatively speaking to many on this site.  I Thank Doc and many contributors on SD.     

  25. Gold and especially silver went way too quickly which didn’t give me enough time to stack some. It went up by about 2$ in less than a week! Anyway, it doesn’t matter that much about the amount of dollars I’ve paid for silver. All it matters is the amount of silver I own!
     

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