Tuesday, February 21, 2012

Gold & Silver Break Above Cartel Cap

Live 24 hours silver chart [ Kitco Inc. ]Gold and silver have just burst through the firm cartel cap that have held the metals in check under $1750 and $34 for the past 2+ weeks. 
After vaulting higher on the COMEX open, then tapping the ceiling at $34 for several hours, silver has finally cleared the cartel's cap at $34, running to $34.28.  Don't be surprised if the cartel attempts to hammer the metal back below $34 after today's fix and the end of reporting for this week's COT.  Silver MUST be kept from breaking out and clearing $35 in order to prevent a clear breakout from the 9 month down-trend openly visible to all.  Such a break-out, coupled with further can kicking and printing in Greece, would be massively bullish for silver.

(Will close in 6 hrs. 5 mins.)
Metals Date

Ask Change Low High
Buy gold Gold Charts  GOLD 02/21/2012

1740.80 1757.20
Buy silver Silver Charts  SILVER 02/21/2012

33.68 34.28

Live 24 hours silver chart [ Kitco Inc. ]

Gold's price chart looks almost identical to silver's this morning, also going vertical on the COMEX open (that sure feels weird to type!), visibly capped for several hours at $1750, then resuming it's vertical ascent once $1750 was taken out.  If gold can hold $1750 for two consecutive closes, it will set up its next advance targeting $1850, and from there, the all-time nominal high near $1915. 

Live 24 hours gold chart [Kitco Inc.]