![Live 24 hours gold chart [Kitco Inc.]](http://www.kitco.com/images/live/gold.gif)
After range trading overnight throughout the Asian and LBMA sessions, gold and silver have both exploded this morning on the COMEX open. Silver immediately burst .65 higher to 32.80, and gold jumped $25 to $1685. This is absolutely classic textbook action with both gold and silver, as it appears likely that a bottom was made surrounding the option expiration calendar and coinciding with The Bernank's public propaganda lecture to GWU. For those still trying to trade/time the market, silver options are settling tomorrow, 3/27/2012 and futures are settling on Wednesday, 3/28/2012.
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
And Gold:
7 comments:
JPM is wounded. Here's the effect.
Indeed, JPM is wounded and so heavily exposed to derivatives, 75 - 80T$, they must be running scared as the Eu zone defaults gain speed over the next few months. But, JPM is not yet out of the game. They will continue to be utilized by the feds along with Goldman to do some of their dirty work, and that to me says be very careful entering the fray of trading paper silver or gold. As much as I agree with the LONG term prospect of much higher levels in especially gold shares and silver, todays action is very short lived. Manipulation will go on and we may not have even seen the worst of it yet. Personally, I see a perfect setup to drive down the prices further, discouraging traders, but that would be an excellent time to then take LONG term positions using options only to manage risk if one insists in playing the paper game, while also buying physical. But the risk is huge at this time in metals, because we have not seen the lows put in place. Remember , most were saying rally time, back in Jan. 25 2012 when the metals shot upward only to retrace a few days later. This current retrace UP will be met with the same kind of sell off, but LONG term no doubt we will see higher prices, but likely not before the swings wear out the weakest holders...then the game changes later this year, and into 2013.
At that time, I suspect the JPM and others will be evident they are losing ground and are losing in their own game, but not yet. Manipulation is still alive and well, and it shows on the charts clearly, simply put, be careful how deep one dives into this current bounce...it will not last....yet.
"Gold & Silver Explode on COMEX Open"
Cartel?
They beat it down relentlessly for two weeks, and the next few days are options expiry and futures come due. This is short-covering day.
They still own the pricing mechanism, but events will finally shake them loose some time this year, I hope. There are black swans big as turkey buzzards out there.
-Elvis
...expect a margin increase wed, 10 AM
Before anyone gets upset with me what I'm saying is solely my opinion and I have no training or schooling in investing or economics... Anything I know or think I know is self taught through the vast reading available...
I can see manipulation take place in one way shape or form in the PM's regularly...
I have been interested and following metals for a couple years and actively stacking for about a year... I have a problem with something though..
Why after many many years of manipulation would all of the sudden this year or even the next few years, would the obvious manipulation stop? Would it not benefit stackers for prices to rise just as it is also a benefit for prices to remain low for continued stacking? I see nothing solid that says it will stop for any reason anytime in the foreseen future... Do I hope I am wrong? ABSOLUTELY!! I would love the market that I am in to make it's own pricing on supply vs demand! I just don't get why so many stackers feel the "end game" is near as it's put... Again, I hope I am wrong about this although I see no solid evidence to say manipulation will stop soon...
This is just my thoughts that for some reason decided they needed to come out today..
Enjoy all...
Danno
Hi Danno- I think it will have to end due to a commercial failure at some point. There will be contracts standing they can't deliver. They will be offered cash, and not accept it. The metal will have to be sourced, and the price will have to rise.
When the phyzz is under-priced, savvy foreign investors take advantage and buy up the float. Only higher prices can stem that demand and free up silver from us, the hated 'bugs'.
-George Glass
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