Wednesday, November 30, 2011

Silver Vaults $1.50, Gold $50 on Reports of EUR/USD Swap

Live 24 hours silver chart [ Kitco Inc. ]
Blythe's intern really needs to start paying more attention when flipping on the COMEX open silver smash algo in the morning.  This is the 2nd time in a week that silver has gone vertical on the COMEX open.
After correcting overnight during the LME session, silver shot $1.50 higher from just above $31 to $32.60 with the COMEX open, a massive move for the typically tightly controlled silver market.

Gold simultaneously shot nearly $50 higher, until resistance at $1750 capped the gap up.
In all seriousness, gold and silver's move appears to have been triggered by reports that the Fed just bought Europe a week with a EUR/USD cross swap. 

The dollar instantly plunged on the news, and gold and silver responded as one would anticipate with the news of massive new dollar devaluation and quantitative easing.

Live 24 hours silver chart [ Kitco Inc. ]

Live 24 hours gold chart [Kitco Inc.]