Gold & Silver Overnight Strength: The September Smashing Looks Over

Gold and silver have shown strength in the overnight session. Here’s what went down…

First, here’s how it looks since last Friday’s BLS Report:

Overnight, gold performed well:

And silver performed well:

Although the GSR has clung to the 50-day average:

Here’s what we said about the two metals yesterday:

Gold & silver have been under constant price smashing since September 8th. Can the smashings continue, such as the way we saw the precious metals fall until the end of the year in 2016? They could, but the pressure on price has come much earlier this year than last. The silver price was still at $19 just a year ago. Are they really going to be able to push silver down $2 from here to end the year? Not likely. Yes there is silver (and gold) on the markets at the retail level, but there’s no way there would be much if any left after the rush into the metals if they push the price down that far.

Anybody looking to buy silver under $17 may have just lost that opportunity.

And gold is poised to retest $1300, so anybody looking to buy gold with a 12-handle can do so in paper, but the premium will likely push it over.

And, the banks are back today, so we have full market action.

Grab your popcorn. This is turning out to be a good one to watch…