Monday, November 21, 2011

Silver Correction Continues, Silver Preparing to Take Out $31 and Head to $30

Blythe would like to wish everyone a very Happy Thanksgiving this morning.
A retest of $30 - $30.50 looks likely here, and should $30 fail to hold, $28.  Premiums on phyzz are quickly increasing.  As an example, APMEX had Maples for $2.29 over spot any quantity prior to last Thursday, now APMEX is asking $4.29 over for quantities under 20 oz, and $3.79 over spot for 20-100 oz.
As we have seen time and again, when the cartel smacks the paper price of silver, the phyzz dries up and is not available at the paper prices the futures market is smashed to.
Talk of automatic budget slashes due to the Congressional Super Committee's inability to agree on as much as where to order lunch from today is also pressing on gold and silver this morning. 
Should make for some more entertaining theater until the debt limit is increased another cool $2 Trillion with no changes to the status quo (maybe a $1 Trillion reduction in 2030?).
In the meantime, check back today for the release of SilverDoctors' animated "GOP DEBATE"- it should be awesome, putting the finishing touches on it.  We have launched a Ron Paul forum as well to discuss the "debate" as well as topics pertaining to Ron Paul/gold/silver/ the 2012 GOP nomination and election in general.

Should provide some comic relief from another Manic Monday with the markets.

Live 24 hours silver chart [ Kitco Inc. ]