Monday, December 12, 2011

Gold Nears $1650, Silver Breaks $31

As anticipated, the gold and silver paper futures smash has continued and intensified into the NY COMEX session.  Gold is now down a cool $50, and silver is down 4%, and has just broken below $31. 
Gold has found some support at $1650, but looks to want to drop to $1600 at a minimum, and silver looks likely to test $30.  We will keep a close eye on PHYSICAL PREMIUMS, as a paper sell-off was anticipated with futures traders losing all confidence in the futures market in the wake of MF Global.

Metals Date Time

Change Low High
Buy gold Gold Charts  GOLD

1655.70 1678.40
Buy silver Silver Charts  SILVER

30.78 31.35

Live New York Silver Chart [ Kitco Inc. ]

Live New York Gold Chart [Kitco Inc.]