After running as high as 41.97, The Cartel has seized the day and clawed May silver all the way back down to 40.70 (where it was Friday morning!).
Crude reversed and actually put an ORD on the chart. As you know, this is not a friendly chart feature so I wouldn't be surprised to see it trade all the way down toward 107.50 or so. At that point, I'm a buyer. As an aside, maybe my WTI chart from Friday had a little more validity than I thought. The high today was $113.46.
In the face of this, however, is gold. Showing the strength of the recent breakout, gold has been barely rocked by these developments. In the past, all of the above would have combined to send gold plunging. Now I realize that gold is still about $10 from its highs of last evening but, still, support at 1464 is holding firm. WHEN silver, crude and copper turn around, gold will undoubtedly surge back higher.
3:00 EDT UPDATE:
"Don't be surprised if The Monkeys try to come in and whack silver some on the Globex."
Unless you're new here, none of this should come as a surprise. I used to get all pissed off when raids would take place on the Globex. Most famously here: http://tfmetalsreport.blogspot.com/2010/12/ok-now-im-pissed.html
Now, I just don't even care. All I see are the desperate acts of an increasingly desperate Cartel.
4:00 EDT UPDATE:
$39.75 stopped Blythe dead in her tracks. That level will now be seen as support and IF it gets back down there and holds again, buy like crazy.
4:45 EDT UPDATE: