Silver Smashed Back Under $31, Gold Under $1650 on COMEX Open

silver raidGold and silver were sold hard beginning with the 4am London open, and intensifying with this morning’s COMEX open.
Silver has been smashed back under $31 to $30.79, and gold has been hammered back under Sinclair’s $1650 to $1642!
Silver’s sell-off began with Monday’s London open, and intensified with a classic waterfall decline on the Monday COMEX open:

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Gold also was continually pounded lower throughout the London session, with the raid culminating in the vertical mine-shaft drop on the COMEX open to $1642:

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Both metals have bounced off the worst of the lows, with gold bouncing back to $1650.  Gold will need to quickly get back above $1650 to prevent a 2nd wave of paper selling likely taking the metal near $1630-35.

Silver has bounced back above $31 and regained the level, but don’t be surprised to see the cartel attempt one final smash this morning to get the week started off nicely for Blythe and her monkeys.

 

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