Wednesday, November 30, 2011
Silver Vaults $1.50, Gold $50 on Reports of EUR/USD Swap
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.
Posted by The Doc at 10:16 AM