1:10 EST UPDATE:
Very nice rally in response to this morning's beatdown. Let's see if Blythe tries to hit us again on the Globex. Reader Jennifer in Colorado U.S. sent me this snapshot of today's action. Only a bald-faced EE attack can produce a gap on the chart, during the day, when there are no rumors or headlines to frighten.
The good news is that we've closed the gap as silver has traded back up to 28.95 and looks to move even higher. Also, someone yesterday gave me this link...said this guy's pretty good. So far, he's right!
OK, I hope that, by now, you've accepted the notion that the Evil Empire controls the daily action of gold and silver. Furthermore, now that I've made you aware of the almost daily assaults they make on overnight gains, you'll begin to watch the early morning NY trade for signals of their daily intent. Today brought us a particularly egregious attempt to smash price. Take a look at this one-minute chart:
Maybe, just maybe, Blythe is torching the metals for her own gain. The Death Star is smoking, folks. Its taking rounds and is wounded. To satisfy those December longs that are standing for delivery, the Comex is increasingly settling in cash. See Harvey for details. Blythe knows this can't continue! Let me ask you this: If you are still long some Dec10 and standing for delivery and Blythe comes to you and offers you cash settlement plus a hefty premium (bribe), why wouldn't you take the money and then take your proceeds and buy even more March11 contracts? Of course you would! You'd be foolish not to. Blythe know this so she must act NOW and crush the metals at all cost to dissuade folks from this trade. Get it?
Now, our BoS are not stupid and they will not fall for this bullshit. They are determined to buy metal and take delivery. I would expect them to put an end to Blythe's game shortly. Take a look at this:
Alright, that's enough for now. Go buy yourself some coins to take advantage of today's "sale". I'll be here watching. A move in gold back up thru 1370-72 would be nice. In silver, a bounce back up to 28.80 or so would be a good sign. I'll keep you posted. In the meantime, watch this and relax. I see good things ahead for you and I.