Silver Goes Vertical, Spikes Through $34, Gold Clears $1750

After consolidating throughout the entire overnight Asian and London session between $33.40 and $33.50, silver has just broken out with a vertical move to the upside, taking out $33.50 and popping THROUGH $34.

 

 

Silver goes vertical with a last of $34.14:


*Updated:  Silver extending gains with a last of $34.25:

If silver can clear $34 and made a daily and weekly close above the level, we should see massive short covering early next week, and a quick run back to the recent highs near $35.50.  If silver is able to take out $35.50 to the upside, expect a quick move to $37.50, and likely a run to $40 by the end of the year.

 

Gold with a just as impressive move through $1750:

 

Now that gold has cleared the weeks long bullion bank cap of $1730, look for the metal to quickly move back to its September highs of $1800, and once $1800 is cleared, to make a strong move in December back to all-time nominal highs near $1915. 

Those who have yet to back up the truck during the recent 6 week long gold and silver correction will find themselves chasing the market higher, as the next big bull move appears to be getting underway.