Monday, September 5, 2011

LBMA Raiding Silver, Attempting to Paint a Double Top in Gold at $1900

Live 24 hours silver chart [ Kitco Inc. ]The LBMA has commenced a silver raid at roughly 06:30 AM EST while the Asians and Americans sleep.
The cartel can read a chart as well as we can, and the charts clearly show a run to $46 (the top of the rising up-channel) once silver cleared $42.25.
Silver traded in a tight range from $43 to $43.25 overnight throughout the Asian markets, and was then promptly knocked down the elevator shaft at 6:30 down to $42.45.
Expect a 2nd wave of the attack to commence soon, as the cartel must immediately stuff silver below $42 to possibly prevent a run up to $45-$46 this week, which is merely a stone's skip from the all time nominal high of $50.35.

The cartel's gold raid began earlier, almost immediately after gold broke back through $1900, as the cartel is attempting to use the Labor Day holiday to paint the gold chart into a double top.
Live 24 hours silver chart [ Kitco Inc. ]

ANY time a a gold or silver chart nears a high for the 2nd time the cartel attempts to paint the chart into a double top in the hopes of scaring a few Johnny-Come-Lately's into puking their positions.
Be prepared to buy the dip as GOLD IS NOT in the process of double-topping and ending its decade long bull run.
When $1915 is taken out gold will shoot to $2,000 faster than a roman candle.  Once $2,000 is cleared convincingly $2,500 will emerge to traders as the next major target for gold.
Add in strong seasonal fundamentals for gold, and a potential QE3 announcement in September, and it is clear why the cartel will likely do everything they can to paint a double top at $1900.

 Live 24 hours gold chart [Kitco Inc.]