Friday, October 7, 2011

Silver Spikes $1 on Jobs Report

Live New York Silver Chart [ Kitco Inc. ]Those accustomed to the monthly silver smackdown with the release of the NFP report- whether the report was good or bad must be shocked with the full dollar VERTICAL SPIKE in silver with this morning's NFP report of + 103,000. Granted, the cartel immediately smacked silver back down almost to pre-report levels, but the jump remains impressive for a NFP release day.
Silver remains range-bound from $27.50-$34, currently trading near the top of said range.  Don't get too excited until we see a breakout one way or another from the range, but technically, action looks good for a base near $29-$30.

Live New York Silver Chart [ Kitco Inc. ]