A BRUTAL 48 Hours: Is The Savage Attack On Gold & Silver Over?

down-fall-smashHave We Seen the End of the Savage Attack on Gold and Silver?
Doc Breaks Down A BRUTAL 48 Hours…


Eric was under the weather this week. 

With Silver Prices Dumped Nearly 10% in 48 Trading Hours, Physical Silver Demand ROARED to life.  US Mint AP’s reported Silver Eagles were “flying off the shelf”, with the CEO of one US Mint AP informing SD Bullion Friday morning they were down to only 18,000 Silver Eagle coins (and 2017 coins won’t be available for 30 days).

The supply issues are affecting the gold market as well, as AP’s are running out of all Gold Eagle coins – including fractionals as the Mint has been sold out for several weeks.

SD Bullion saw an all-time record sales volume on Thursday, with nearly 600 transactions.  To put the number in perspective, SDB processed approximately that many gold and silver transactions A WEEK during Q3 of 2015- a record setting period of demand for the PM market.

In our market update Thursday, we warned technicals indicated gold could test lows near $1070, but that if trading follows the pattern following the Fed’s lone rate hike in 2015, both metals would bottom within 48 hours and begin a major move higher – in the face of the “experts” predictions of plunging/crashing prices.
(like Martin Armstrong gold prices are headed below $1,000/oz and into the abyss)

Friday’s price action is encouraging.  Silver regained a $16 handle trading as high as $16.25, and held above $16 through the close.
Gold jumped $20 to $1140 before settling back to $1135, also a strong move off of Thursday’s lows, refusing to break down further towards $1100.

Next’s weeks’ trading will be telling – particularly in a thinly traded holiday week.  With thin volume, will the cartel attempt to double down, and trigger stops at $1100 in gold – or will PMs continue to move higher off the post FOMC lows.  The action will be telling.