Friday, March 9, 2012

Gold, Silver Smashed on NFP Release

Live New York Silver Chart [ Kitco Inc. ]Andrew Maguire's old buddies are enjoying a good laugh in a bar somewhere after performing their classic NFP release gold and silver raid this morning. 
In classic fashion, silver was trading at $34 (as high as $34.10) when the NFP was released, and was promptly smashed a full dollar to $33.04.  Gold received the same treatment, smashed $25 from $1700 to $1675.
As is nearly always the case with such manipulative raids, silver is already spiking back up, nearing $33.50, and retracing nearly half of its losses. 
With yesterday's obvious capping at $34 for silver and $1700 for gold, today's raid was about the easiest call we could make.
With Greece officially kicking the can further today, look for gold to take out $1700 and silver to take out $34.50 next week, which should result in both metals challenging their recent highs.

Live New York Silver Chart [ Kitco Inc. ]

Live 24 hours silver chart [ Kitco Inc. ]

Gold is not recovering as vigorously as silver thus far.  Look for the cartel to do everything in their power to induce a weekly close under $1700.

Live New York Gold Chart [Kitco Inc.]

Live 24 hours gold chart [Kitco Inc.]