*Update: 2nd leg of vertical move in progress, silver now up over $1 to $32.39 , gold up $30 to $1722!
While we expected little action and a tight range in gold and silver today with all attention focused on the US Presidential Elections, gold and silver have just made a vertical move, with gold jumping to $1722, and silver from $31 to $32.39!
Perhaps this vertical move in the metals (& in the equities) is an indication the Algos have just received word that the fix is in for Emperor in Chief Obama, or are the bullion banks simply attempting to paint the tape ahead of today’s COT cutoff?
With the vertical move, silver has now regained the $32 level, and while volume is lighter than normal ahead of the election, it is important technically for silver to close above the level. In reality however, technical support/resistance levels will likely be thrown out the window should Romney be elected, as traders will likely dump the metals out of an irrational belief that Romney will somehow stop QE∞.
*Update: silver now closing in on $32.50, is an Obama victory currently being priced in disorderly to the upside?
Gold has gained nearly $30 from $1690 as it closes in on $1720!
*Update: Gold has now cleared $1720 with a last of $1722