Silver Smashed Under $20 On Bogus Jobs Report

chartThe algos have just INSTANTLY repriced a Fed rate hike into the market, today’s BLS(BS) numbers came in at a literally unbelievable +255k for July smashing expectations, sending silver prices down the proverbial mine-shaft nearly .50, and under the psychologically significant $20:

Silver Rounds SD Bullion
The precious metals have been treated to the proverbial waterfall this morning, plunging below critical support levels on the sudden (bogus) belief that a Fed Rate Hike is imminent.

Just exactly how many times can the Fed Call Wolf and trigger this type of ridiculous knee-jerk reaction by the algos?
We suspect it cannot be too much longer (6-12 months perhaps) until The Fed loses entirely the ability to jawbone the market with Fedspeak threats… 

waterfall raid

Gold smashed below $1350:

gold

 

Silver smashed through $20, with a last of $19.93:

chart

Buyers have emerged on every previous gold and silver dip over the past several months.

 The rest of today’s session will be quite telling – will big money that has been on the sidelines waiting for a pullback join the gold and silver bull market breakout today, pushing gold and silver back above $1350 and $20 by the close, or will the algos dominate sentiment for the next few trading sessions? 

 Theodore Roosevelt 5 oz Silver ATB


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