Well, no one should have been surprised by the action overnight. No one should be frightened by it, either.
Blythe gave it everything she had and silver still stands at $33.20 as I type. Let me type that again for effect...silver still stands at THIRTY THREE DOLLARS AND TWENTY CENTS.
Do not let the trolls and AGAs fool you. Last night's action was pure, unadulterated capping and manipulation of the part of the EE. Our friends at silvergoldsilver even reported that Blythe herself was in the office last night, directing the onslaught. If true, its shows you just how desperate they really are.
Take a moment to study this 5-minute chart of the overnight action:
So what happens next? Well, that's the $100,000,000,000 question. If the BoS are going to stand for delivery this month and if the WB story is to be believed, we're going to start finding out today. If price continues to rebound, and we head back toward $34, Blythe should begin to panic. Seriously. She created enough new shorts to take almost two dollars and sixty cents out of the price of silver overnight. If she fails to "shake the tree" today....well, lets just say that she and Ruprecht had better have their bags packed and the cab waiting.
I'm headed out shortly to meet with my web designer to begin planning our new playground. The fact that I'm leaving should give you some indication of just how concerned I am at this point regarding Blythe's long-term impact on silver price. Regardless, its going to be a crazy day and a wild week. Keep the belts buckled and your trays in the upright and locked position.
Much more later. TF