Gold continues its surge today, placing new all-time highs seemingly hourly. Gold has again placed a new all-time nominal high this morning, touching $1683 before backing off to $1670.
Monday's sell-off to $1610 on news of the debt ceiling hike agreement seems like ancient history only 3 days later. Gold continues to simply power past potential resistance points such as $1650 and $1675. Gold now looks like it wants to run to $1690-$1700 before taking a significant breather.
Today's action in Europe with Italy emerging as the latest PIIG to have its day in the sun is not likely to dampen interest in gold either.
Silver had a big move up early this morning from $41.50 to nearly $42.50, but the cartel has taken the rug out from under silver in the past hour and sent it down to $41.30, reversing the overnight gains.
This is a significant dip and should be bought professionally. Anything under $41 looks to be a great buy in silver at this point.
As we write this the second part of the cartel take-down of silver appears to have ended, and silver is bouncing sharply up past $41.50. Blythe will have to throw a 3rd wave at silver to prevent a run back above $42 within the hour.
If a 3rd wave materializes, BTFD!