Silver Has Just Been Smashed 85 Cents to $17.70, and Gold Prices Have Just Been Sent Plunging to a Last of $1232.
What Just Triggered the Massive Free-Fall Plunge?
FED GOONS…giving cover for bullion banks to drop $2 BILLION in paper silver (thats over 23,000 contracts, or 115 MILLION OZ) as soon as London closed.
Market odds of a March rate hike have just soared over 90%, all but assuring the next Fed rate hike is less than 2 weeks away.
Up until 30 minutes ago, silver had been resiliently withstanding every punch thrown by the cartel since Monday morning, refusing to stay down even in the face of an all-time record commercial short position.
Silver is now retesting its breakout at $18, which just so happens to also currently represent the metal’s 200 Day Moving Average. Believe you me, the bullion banks are about to throw all the paper they have at the white metal in an attempt to break silver’s back, and set up the momentum algo’s to dump silver all the way back to $16 if they can just break silver decisively below $18.
Who will win the battle?
Well..we now have a last of
$17.96. (Make that $17.70) Not looking good…
Gold on the other hand continues to hold just above $1230, a level London Trader Andrew Maguire spoke of as rock solid PHYSICAL support in the gold market.