Gold and silver were greeted with a classic COMEX open waterfall smash this morning, with gold smashed through support at $1550 and down a massive $35 to $1525, and silver down a full dollar to $26.64!
The smash has gold trading back at July 2011 levels, prior to the US downgrade, QE2, QE3, and QE4!
*Update: free-fall 2nd leg of smash in progress, silver breaks $26.50 to $26.14, gold breaks $1500 with a 14 handle at $1495!
Silver smashed to a $26 handle:
*Update: silver rolling over again towards $26:
And gold smashed through support at $1550 back to the lows for the entire correction at $1525:
*2nd leg of raid sends gold to $1400 handle:
The rest of today’s trading will be extremely critical for gold as $1525 must hold as a double-bottom or else we are looking gold with a $1400 handle with $1450 coming into play.
The raid, as witnessed by a local: