SD Market Update: Silver didn’t perform to shabby either. Here’s the details…
Gold put in a new high last night (52-week high, not all-time high):
Last night’s trading action took out the previous high put in last September 8th, 2017.
Here’s a look at how overnight and this morning has unfolded:
Notice silver broke through $17.70 last night as well.
On the daily, we see the importance of moving as far above $17.50 as possible to break through the nasty resistance:
That is one massive candle silver put in yesterday.
I had brought up the fact that the gold to silver ratio was looking like it was topping:
Sure enough, that’s a big move down with yesterday’s strong surge in the silver price.
The gold to silver ratio is showing that it takes 76.5 ounces of silver to buy one single ounce of gold.
Conversely, one ounce of gold will buy 76.5 ounces of silver. The day before, it bought nearly 80.
The dollar has also put in new lows overnight (not new all-time lows):
The dollar lost 89 and traded with an 88-handle.
Remember that yesterday I put up a weekly to show that there is a huge air pocket in the dollar index:
What can we expect today?
Expect the gold hit pieces.
There are no Fed speeches, but perhaps they could roll-out a Fed Head to talk up the dollar? There are a couple of data releases (new home sales, jobless claims), and then there is Stevie wreaking havoc on the global stage by talking down the dollar.
So when the cartel is faced with this type of quagmire, they get their MSM propaganda machine churning and they bring out the mainstream financial press snipers to perform the hit jobs.
Will we see pressure brought on the metals today or tomorrow?
The problem the cartel faces now is that dips are bought. So if they bring the hammer, the price could recover even quicker if that is the case.
But we can assume they will flood the market with as much paper as they can.
Here’s something to think about:
In 2016, gold saw a single-day price surge of $100 (Brexit), and an overnight $70 surge (election night, before getting beat into submission with the highest single gold trading volume day ever).
In 2016 we also saw some big one-day and intra-day surges in silver.
Are those days finally making a return here in 2018?
Could today be one of those surge days?
Grab some popcorn and grab some Pepto.
– Half Dollar