“Take your flash crash and shove it! We ain’t stayin’ down no more!” Gold & silver keep on swinging, and they are surging again…

Late Day Price Surge in Both Gold and Silver:

 

Gold and silver are pushing major resistance points. Gold is in a funk between here and $1350, but if silver hits $17.70, that’s the June 6th highs and we could see further price action to the upside.

Silver needs to catch-up to gold, and silver has the room to run. There has been a widening divergence that can’t last too long. The yellow is that funk in gold we were talking about. MIND THE GAP!:

 

Here’s how it unfolded:

We had suspected this would happen as yesterday we said this:

We are all pleased with the performance of the yellow metal in the month of August. You can rest assured, however, there are forces at work trying to make sure gold does not put in a weekly but more importantly a Monthly close above $1300.

TODAY AND TOMORROW MIGHT BE GUT-WRENCHING.

The is also this nasty little issue to deal with all the way from $1310 to $1350. Last Friday we said gold needs to break-out BIG-TIME. This is as true going in to the rest of the week as it was back then. What we really need is to bust through $1350 very heavy-handily, but we must not count ourselves in the clear just yet. Gold is still trying to tread water above $1300 on the week. There are many things that could happen over the next three trading days, so we all really need to keep a solid head on our shoulders and not get too far in front of our skis. We’ve been let down so many times this year, or pushed down, however you want to call it, but that does not mean we are not confident.

There is actually good news in silver. Silver is right back to punching through that early June high on the daily. Silver is now well above the 50-day and the 200-day moving averages. The immediate need is for silver to close out the week strong, and higher than the June 6th close of $17.70. It seems like we have gone through so much junk this year that it almost seems like a feat of strength, and I won’t even mention the fact that last year in September, the white metal was sitting over $20. Oops. I just did.

Today, Zero Hedge is reporting this:

After the shenanigans in US mega-tech stocks over the last two days and the seemingly well orchestrated melt-up to pre-J-Hole levels in the dollar, why should anyone be surprised that ‘someone’ decided to try to sell $1.1 billion notional into the Asian open…

We sat back in a “wait-and-see” mode, and sure enough, gold has fought back:

 

 

Silver was equally attacked:

 

 

But The effects were null and void within 14 minutes:

 

 

We made it through yesterday, and it looks like they are going to have to really bring it if they are going to push us back today. Sure enough, gold and silver have been saving it up for the second half…

And just now, we have this:

 

 

 

    • They didn’t fire Andy “in a hurry”. Remember, he had been supporting cryptos for years prior to his firing, so there was ample opportunity for Miles Franklin to can him if they felt his support was detracting attention from their product. In fact, in the beginning, Andy himself suggested that cryptos in general are a great trading platform for precious metals, so in no way was his support mutually exclusive…at least in the beginning.

      Nay, it was rather Andy’s increasingly defensive and obsessive behavior with respect to BitCoin this past year that got him booted. For a pro-crypto-currency and pro-free-market guy, he became very antagonistic towards anyone who would question the dominance of his favorite brand of software in the crypto-market, often to the point of being intellectually dishonest towards his audience. After all, there really is no reason why BitCoin should be the only major crypto-platform in a world of infinite others (many of which are cheaper for independent processors, ie “miners’, to operate). Yet try telling that to Andy, and he would ramble nonsense about it being…well…BitCoin, accuse others of baseless “conspiracy theories” and then proceed to worship BitCoin in his own way. He basically became BitCoin’s Jim Cramer, and so the rest is History.

    • Even if you are right a cartel with the monopoly to print currency all over the world can make you wrong. It has nothing to do with modesty. They can manipulate PM prices for some years but at the end they will always lose. Nobody can say when will that happen. Or You do?

      You just criticize every article all day long. What are your ideas? What do you recommend? Not that I care for a friggin troll opinion. It´s just that you are a pain in the behind.

      There are commenters that give valuable ideas or info, that is not your case.

      I don´t know when will the reset be. But it is close, very close. Less that 3 or 4 total eclipses away. The signs are all over the place.

    • I noticed recently that Andy stopped the mantra of “panic buys” into the metals.

      Really unfortunate because once Andy understood what was happening in crypto’s his usefulness must of ran out?  Everyone make sure you keep those blinders tightly closed because its Ponzi-Coin, Tulip-Coin, etc.  LOL  These sites do everything possible to keep people shoe horned into just metals.

       

       

    • @paco

       

      I just spent 20 minute writing a response which was rejected as being too long since apparently the comments section has 3 too many chromosomes.

      Suffice it to say that I’ve spent the last 6 years stacking silver and telling everyone I knew who would listen to do the same thing. I’ve never wavered.

      I have more silver personally than 95+% of the population and I’ve put a priority on checking out of the current satanic western system the last 10 years – 6 of which were economic.

      I call bullshart where I see it. If that makes me a troll then so be it. I’ve always presented a preference for a principled stance for stacking metals rather than one which promises quick riches.

      However this thing goes I’ll still be here and I’ll still be on top and I just hope you’re all here with me except for ranger who among others I ask about when I pray and I expect is somewhere better.

       

  1. Every PM analyst gets on his soapbox whenever there’s the slightest positive result. To whit, even J Sinclair woke up for an hour to tell us “this is it”. As I write this I suspect A Hoffman will be stroking himself audibly in a soon to be released YT vid. Then when the prices drop they quietly disappear and shed a tear in their beer…only to return to tell us to buy the dip cuz “it’s a good time to buy!”

    • Well I have to laugh at the comment about Jim Sinclair. Too funny and spot on.

      I am, however, a glass half-full kind of a guy.  I see a relentless pressure up in price.  This was shown last week when manipulators dumped over 20k gold contracts in less than 2 minutes to slam the price, only to have the price snap back immediately.  Going back in time a bit, it took a steady grind for the manipulators to get the price down but it never really felt like they had total control.  I kept sensing that there was a floor under this, a floor of wholesale demand by  sovereigns and other big buyers.  Andrew McGuire called the floor at 1260.  The manipulators were able to penetrate that floor for a brief period but again the price rose above it.  Now the price of gold has risen above 1303 and the price of silver has risen above 17.21, i.e. above their respective 200 day moving averages.  Now I think the manipulators are in managed retreat mode.  There is just too much pent up demand.  They are getting a lot less manipulating bang for their buck.  Too bad, so sad for them.

    • I do believe in the value of holding gold and silver, I just quit believing in the prognostications of the pumpers. I think the metals will have their day yet.

    • Agreed @Southsider

       

      “They are getting a lot less manipulating bang for their buck.  Too bad, so sad for them.”

      I’ve commented on the law of diminishing returns and how it applies to markets for some time now.  For about the past 3 or so years, it has taken more futures contracts dropped in less time to lower the price less and for a shorter period of time.  A graph of this would be most interesting and would, no doubt, show what a true parabolic chart looks like.  Eventually, such things tend to stop because they become a lot more trouble than they are worth.  Makes me wonder just how close to that point we really are.  Seems as if we should have arrived at this destination already but we still seem to be chugging along… somehow.

       

  2. I did not expect the gains today at all.  But I also saw silver go from 20 to 23 in a couple of days, maybe 4 years ago.  It seems the manipulators don’t mind letting the price go up for a while.  It makes the sudden shorts that much sweeter.

    these small ups and downs mean little.  we won’t be in the clear until this manipulation stops for good.

    • in the meantime let’s just forget about constitution and coinage act and cheer to all the dollars we get for our gold and silver… It works everytime, see?

  3. If your house/land is up for auction and you are hoping to get the appraised value of $250,000 and the last bid has stalled at $2500, up from $2400, then there’s obviously nothing yet to celebrate.  Same scenario as silver these days,  we have a LONG LONG way to go.  Be positive, be patient, keep stacking, and have a long life, …a really long life.

  4. We are always being prepared for the “wait til next year” articles on the alleged spike in the PMs.  Even Martin Armstrong says “probably next year”.   Always “next year”,  after they were positive it was imminent every Fall for the last 6 years at least.  Bill, please give Jim Sinclair his medicine and put him back to bed.  Is it true that Andy Hoffman left or lost his job with Schectman and Miles Franklin?  The guy loves to hear himself talk but, geez, he was probably a heck of a salesman for the company.

  5. Uh. No Larry. We all don’t know that. Isn’t that the point. Gold and Silver have not performed as expected in the last 8 years in economic/political times where they should have doubled/tripled respectively. Just because the slew of article writers and commenters scream it can’t be so, Who gives a shit? It hasn’t performed,and actually done just the opposite-sucked hind tit. Wake the f-up saps and realize it may never go up, based on the last 8 years in this new paradigm that your experts here don’t understand or know jack-shit about. Wish it weren’t a possibility but that’s reality-not the crap we’re reading here.

    • Bradford is trying desperately to get everyone to surrender to the cabal I’m not buying his brand of snake oil though and know what the truth is Fiat will die and Gold and Silver WILL reign supreme It’s just a matter of time Do you have the patience? I know I do

  6. I will not believe gold or silver is “back” until $2000 and $50, respectively.

    And even then, those would be heavily manipulated levels.

    Fair enough?  Until then don’t waste my time.

    • Don’t waste your time?  YOU are the one wasting his time by coming here.  You obviously don’t care to own gold or silver, so why be here at all?

      IMO, a well-run web site would go troll hunting and give them all the boot.  Sigh…

       

  7. I will not believe gold or silver is “back” until $2000 and $50, respectively.

    Why not buy silver now while it’s still cheap? Why wait for it to go to $50?

    At $50 I’ll stop buying and I’m not selling my silver until it hits $150

     

     

  8. Why not buy silver now?

    I believe that the number of novice investors here shot their wad at the peak price, caught up in the excitement, without doing any research. The “straight to the moon Alice” attitude, then reality set in. Now they are becoming professional PM investors as they learn the traits of gold and silver. This is the painful learning curve when you don’t invest in knowledge first. Put too much money into investments is a novice error. Investing in markets is a 50/50 possibility of making any profit. When you decide to invest in any market, make sure you understand it and only put the money in that you can afford to lose. I bought metal 35 yrs. ago and still hold it. Manipulation? I’d call it management, short term. PMs will never go to zero and Govt’s will always fight gold and silver rising. It’s the anti fiat money. They can’t confiscate yoar wealth through inflation. Now I’m retiring and I will use my real money to subsidize my pension.

    Relax, don’t worry, yoar PMs are safe and will be worth moar in da future. That is guarantied!

    The three taps of gold at $1300.00 worked like a charm. The $1300 level has now held and that’s a good sign for the next leg up. October is not kind to markets, so beware.

    Hang in there folks! Ya all be pro bull riders after this. Make sure you have an exit strategy.

    Over time, gold bugs become Zen-masters of endurance and patience. Telling them  that they are about to run into “bad luck” will hardly faze them. You might as well tell them that there will be damp weather in England.

    • @Justin Case

       

      “Make sure you have an exit strategy.”

      REAL investors always have this in hand for each and every asset they buy.  Those caught up in the moment? Not so much.  I’ve lost count of the number of times I’ve read comments to the effect of “I’ll never sell my PMs!”.  Makes me want to shake my head and look at the floor.  🙁

       

    • I’m a sellen. Incrementally. As time goes on it will only be higher from here. AISC are catching up, especially in silver. Not a lot of profit for the current silver producers. I mean the ones where it is actually the primary product, not by product. The fact that energy is cheap is a BIG factor in the cost to produce. I remember when a mining company, can’t recall who, had a dozen generators producing electricity running on natural gas, because the cost of diesel. Might have been Barrick Gold. When oil goes up the price of metals will follow. Then what? Bankrupt the industry? There will be less metals, bankruptcies, unemployed etc. They will let the price rise otherwise panic will set in for some industries that depend on those elements.

      I was watching USD index. The critical support is at 91.88 and it touched it but quickly reversed up from that. When the USD drops below that, PMs will move higher fast. The $1300.00 three taps proved reliable again. Once it holds above that for a few days, we are on our way, part 2 of the bull.

    • I’m not selling at this time but am open to the idea at the right price.  It’s good to have a choice in whether or not to sell an asset.  Those who bought more silver than they could afford often have to sell some of it to raise cash to pay their bills.  That’s not good because that means that circumstances are deciding when a silver holder sells their stash and not the owner of that asset.

      Energy is a big factor in the cost of mining most things and so is labor.  Both make up a significant portion of the mining costs.  Current oil prices are pretty low compared to where they have been in the recent past.  With the world economy idling along, oil demand is weak and prices are low.  This will change but who knows when?

      The tech industry is particularly sensitive to the availability of silver.  High tech gear, including advanced weaponry, comms, satellites, and avionics all depend upon having both silver and gold readily available.

      US$ index is tricky.  Seems as if the index has been dropping steadily for the past month or so and every time someone says that xxx is the line in the sand / support level, the dollar manages to slide below that.  I dunno… maybe it is the speed of its rise or drop that matters more than the actual number?

       

  9. Has anyone stopped to think that all these “flash crashes” may actaully be the cartel BUYING? At illiquid times of the day, when there are few bidders in the screen and heaps of stop loss orders, the cartel can simply start the price down and then buy all the stop loss orders on the cheap. Remember the bullion banks are the only ones who can see the full market and so can just sit back and watch for a favourable market set-up. So for mine,  if there is a crash (down) and it snaps back, then the cartel is buying and if there is crash up followed by a snap back then the cartel are selling. It’s all about running the stops. How to solve the problem? Don’t leave stops in the market at illiquid times of the day.

    • For example, look at the intra-day charts above. Notice the volume spikes on BOTH the price spikes down and up. Add the volumes and they probably equal. In each case price snapped back after the spike. So “someone” (the cartel) just made a handy couple of million by running the stops in both directions, buying the dip and selling the pip.

      Why are my (innocent) comments taking hours to be “moderated”?

  10. I have always been comfortable buying in the $15-20 per ounce range during economic booms

    and then selling at $35 -50 per ounce during economic busts.

    Its an every 8 years cycle. Some investors are too impatient and can’t wait that long, or

    do not understand the nature of silver investing as capital preservation.

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