Is Silver Winning The Battle?
Very impressive price action so far today in the metals. Though gold is still being restrained below $1785, silver is rolling and is currently trading above the all-important $36 level. The is all well and good but, as you might imagine, it's what happens next that matters.
This is The Battle Royale. Longtime Turdites will recall the significance of past duels with the number 36. In this instance, we also have the convergence of two, powerful and significant lines of resistance in the same area. Moving through and closing above $36, when it happens, will be immensely significant and will lead to an even greater acceleration of momentum to the upside. $40+ silver awaits.
Gold would also be at its Battle Royale level this morning were it not for the three, consecutive 2:20 pm Globex trim-jobs that were described in the previous thread. $1800 - $21 = $1779 (current price). You may think I'm crazy or over-stating things a bit but you must remember: Silver is JPMs problem. Gold is the problem for every central bank in the world that relies upon unlimited fiat creation. In the micro, The Cartel is attempting to keep gold below 1800 as they know that any close above that level will induce even more spec money into the pit and rapidly drive gold back toward its all-time highs. If they can stall this momentum for a few days, perhaps The Bernank and LTRO will "disappoint" and gold will move lower on its own volition. We shall see.
Just a couple of news items for you today. First, Jeff Nielson wrote the piece below last week. YOu may have missed it. If so, please double back and read this very important article:
And I don't often cite Greg Hunter here because he is usually posted and linked in so many other places. However, in this instance, he's right "in our wheelhouse".
As I close, gold is surging to 1785 and silver is 36.36, even while The Pig is rallying, ostensibly because of this, I suppose:
Hold onto your hats. This day keeps getting crazier! TF