![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
Gold and silver have just burst through the firm cartel cap that have held the metals in check under $1750 and $34 for the past 2+ weeks. After vaulting higher on the COMEX open, then tapping the ceiling at $34 for several hours, silver has finally cleared the cartel's cap at $34, running to $34.28. Don't be surprised if the cartel attempts to hammer the metal back below $34 after today's fix and the end of reporting for this week's COT. Silver MUST be kept from breaking out and clearing $35 in order to prevent a clear breakout from the 9 month down-trend openly visible to all. Such a break-out, coupled with further can kicking and printing in Greece, would be massively bullish for silver.
| MARKET IS OPEN (Will close in 6 hrs. 5 mins.) | ||||||||||
| Metals | Date | Ask | Change | Low | High | |||||
 |  | GOLD | 02/21/2012 | 1756.50 | +21.40 | +1.23% | 1740.80 | 1757.20 | ||
| | SILVER | 02/21/2012 | 34.27 | +0.56 | +1.67% | 33.68 | 34.28 | ||
Gold's price chart looks almost identical to silver's this morning, also going vertical on the COMEX open (that sure feels weird to type!), visibly capped for several hours at $1750, then resuming it's vertical ascent once $1750 was taken out. If gold can hold $1750 for two consecutive closes, it will set up its next advance targeting $1850, and from there, the all-time nominal high near $1915.
![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
18 comments:
its a trap!
- runlevel
uhhhhhhmmmm! blythe its time to kick in high gear cuz options expiry is the 23rd(I THINK).
Hammer Away Blythe, you wicked witch of england.
Dummy
Here comes a massive silver short squeeze, this could be explosive.
A firm cap is an understatement. We will see within a few days if this is just a trap or an allowed and completely controlled upward move.
Is Bernanke talking or what? What the hell?
Dummy
EUR is up against the dollar (minor), but I think there is a BIG buyer snapping up contracts.
Mr. Sprott may be shaking things up a little this morning. The lunch hour will tell the tale, if they do a raid, it should start about now.
-conax
Greece just got a bailout that was approved late last night
How many sucker longs can they suck in? The dollar looks to be putting in a higher low here.
The price survived the lunch hour with only a little bickering. Breaking upward again, this is nice to see. Some nice volume spikes there. Somebody IS buying de smack.
conax
Agreed Conax, this is nice to see. We've all seen this episode before, like the Doc said we'll get a short-lived smack down in the next couple of days, but I suspect everything will hold firm in the 33's before we take out 34 and 35 with malice. Personally I'm buying some coins this week if we get back into the 33's and then I'll pop some popcorn to share with Stirling on march 20.
$34.38 at 1:40 pm ^
I picked up a few OZ last night while still under $34... Some odd ball rounds that I've been eying up... If we do get a pull back this week I will pull the trigger on another tube of maples... Getting a bit tight in the vault so I guess I will need to address that issue soon... Hell of a problem to have...hahaha
Danno
Sprott, is that you buying at the top again?
an 8:30am rise is considered a breakout, but an 8:30am drop is considered a smash? when it happens at 8:30am it what NY wants.
Help me grasp this-has silver temporarily disconnected from the dollar? Got skunked thinking it would be business as usual.
Well, it looks like the Silver Docs are moving on up too as they've got their very on troll. Is that you Johny Bravo?
who would the troll be? and who is johny bravo?
we basically have three credible opinions on what this could be: bull trap, short squeeze, or the PTB allowing it to rise gradually (presumably by not shorting the hell out of everything).
we've had a lot of trolls on here recently, but this thread is largely absent of them (thank goodness).
Next morning, February 22 - $34.07 at 6:15 a.m.
Interesting.
2 OZ.
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