That is your headline today. Be very, very happy!
Gold and silver both "survived" some late-day, commodity selling and have even continued their bounce-back in the afterhours session. I have a Feb11 gold last of 1418 and a March11 silver of 29.96.
The chart I posted earlier looks conspicuously like an EE raid but I'm not convinced it was. All of the commodity complex experienced quite a bit of midday weakness. For example, crude traded back below $89 but it has since rebounded toward $89.50. EE attacks are always obvious when gold and silver lead the commodity complex lower. Today, they followed. Now, Blythe can certainly attempt to help things along but I sense she's a little wary of taking on new short positions here. In silver, there's nothing but daylight between $29.50 and about $33 (see chart below). Gold, once through 1426 should have clear sailing up to about 1445-50. Blythe may wait, fall back and regroup at those levels, especially with another $19B in POMO coming our way tomorrow through Thursday.
Ole Trader Dan posted this chart a few months back. I looked and looked but I could not find a better, long-term picture of the silver price. Thank you, Dan!
If you can read the fine print, note that there is no reason to expect any serious selling pressure, at least from a technical standpoint, until the price hits at least $33, maybe even $35.
Be sure to check Harvey tonight as you now he'll be very excited and encouraged by today's action. Also, with each passing day, the delivery squeeze is getting more and more interesting.
I'll add more this evening once I get a chance to read Harvey, too.
3:45 EST UPDATE
Gold and silver have rallied sharply in the after-hours Globex session. Feb11 gold reached a new, all-time high of $1429.40 and is currently $1424.40. March11 silver tapped 30.36 and is now 30.22.
Obviously, things are getting crazier by the day and volatility will only be increasing. Be sure to keep your eyes on the prize, however. Most importantly, tomorrow through Thursday brings $19B or so in brand new POMO. Then, at 2:00 EST Friday, we get the release of the next POMO schedule that will last through mid/late-January and will most likely promise at least another new $100B or so in fresh cash. Until/unless something dramatic changes the landscape (think increased margin requirements), don't get spooked by price swings. The trend is UP. Strongly UP. Enjoy the ride.