Silver closed the week up over $4, and gold gained $110 for the week!
Silver continued to run throughout this afternoon's access trading, touching $43.05 and CLOSING at $43!
This is immensely bullish for next week, as silver has made a STRONG WEEKLY close above $42.
Once silver clears $43...there really is barely any technical resistance whatsoever between $43 and the May high's of $49.73. The $6 vacuum in price shouldn't take long for silver to gap through...particularly with The Bernank's Jackson Hole appearance next week where nearly all of the market is expecting QE3 to be officially announced.
IF QE3 is to be announced next week at Jackson Hole, we expect massive subsequent margin hikes in both gold as well as silver either this weekend or early next week by the CME.
Gold and silver simply cannot be allowed to be trading at $1850 and the mid $40's upon the announcement of additional QE by the Fed.
A QE3 announcement next week without substantial prior margin hikes in gold in silver will see $2,000 gold and $50 silver at a minimum by the end of next week.
Enjoy your weekends, next week is shaping up to be EPIC for gold and silver.
| MARKET IS CLOSED (Will open in 62 hrs. 32 mins.) | ||||||||||
| Metals | Date | Ask | Change | Low | High | |||||
 |  | GOLD | 08/19/2011 | 1854.10 | +28.20 | +1.55% | 1837.10 | 1866.10 | ||
| | SILVER | 08/19/2011 | 43.00 | +2.26 | +5.56% | 41.38 | 43.05 | ||
