Friday, September 23, 2011

-15% Where Will it End?

As mentioned this morning, it was critical that $32 hold.  As $32 has been taken out and silver has now touched $30.26, a test of $30 appears imminent.  If $30 cannot hold, we look headed to $26-$28, where SUBSTANTIAL physical support will be found.
Gold is now down $100 on the day, and looking to test $1600.
This will stop when the paper shorts have covered every last contract they can possibly squeeze out of the longs. 
Where exactly that is, heck if I know. 
Options expire early next week, so this could continue Monday and Tuesday.

(Will close in 3 hrs. 52 mins.)
Metals Date

Ask Change Low High
Buy gold Gold Charts  GOLD 09/23/2011

1628.60 1672.10
Buy silver Silver Charts  SILVER 09/23/2011

30.26 32.67