Silver, which range traded all night from $33.75-$34.25, was promptly pushed off a cliff down to $33 when NY trading opened. Gold received the exact same treatment. After trading within a dollar or 2 of $1495 all evening on the Asian and London markets, COMEX opens and gold falls straight out of bed to $1475. You had better be B'ingTFD right now, as we don't think its likely we will see gold back at $1475 during this correction.
With silver's smash down this morning, it appears silver may make one final test of the bottom before moving higher. Silver is now extremely oversold, and the indicators have been generating numerous buy signals (a bull hammer, and several candelstick lows first to $33.05, and the second to $32). Whether a brand new low is placed or not, it appears that silver will soon begin its next leg up in this bull market- and it will likely be a powerful rally.
We are absolutely amazed at the apathy silver has right now! If you understand silver's long-term fundamentals, the current sell-off is a PRICELESS GIFT allowing you to temporarily exchange your worthless fiat for > 30% more ounces of silver! This should be the most bullish you are towards silver since last summer! In a year or two, we will look back at $33 silver the same way we look back at $17 silver last summer, or $8 silver in 2008.
