Thursday, February 16, 2012

COMEX Open Raid in Gold & Silver

Another day, another raid on the COMEX open.  Silver was slammed 0.60 on the COMEX open, to the bottom of its range trade near $32.50.  Silver is now off nearly 10% from its recent highs, presenting a decent opportunity to accumulate into price weakness.

Live 24 hours silver chart [ Kitco Inc. ]

The cartel was not quite successful in driving gold under $1700, as it found support first at $1707, then $1706, and has already recovered 50% of its losses.  We'll see if they try to stuff it under $1700 on wave 2 for the morning fix. 

Live New York Gold Chart [Kitco Inc.]

The USDollar Index traded up to 80 this morning before hitting resistance at 80.  Expect 80 to fall however with the next big Greek headline.