This “Correction” in Gold / Silver Is Not Unexpected
This “Correction” in Gold / Silver Is Not Unexpected by Rory for The Daily Coin
We stated on Saturday, after the precious metals markets closed for the weekend, that we expected to see a down move in both metals, but especially in silver
Silver finished the week above the $17.00 mark – not far above, but above. It wouldn’t be surprising at all to see a fairly nice move to the downside on Sunday evening when the “markets” reopen. We believe it will be short lived as we are not the only ones seeing the potential for the bullion bank cartel to attack the $17 mark and get silver back down “where it belongs”.
The bullion banks did not disappoint. The downward slide this morning is exactly what we expected, maybe a little stronger than was expected, but we do see this coming to an end and both metals getting back to their upward climb within the next couple of days. The cartel, basically, telegraphed they were going to attack the metals last night and this morning by allowing the close above these latest battle ground points – $1,500 for gold and $17 for silver. Now look at what’s happened.
Below are live charts, courtesy of KitCo, so they will be on the move and we will have static charts at the bottom of this report.
As we have stated these dips will be short lived as bulls are strong, going long and will seem to be on mission to push the metals higher. The economic rot, geopolitical landscape and the mining industry itself are all well known at this point. Don’t get me wrong, I understand the COMEX is still in charge of “making the market”, however, there are more and more outside influences coming to market every single day.
As we are writing this, just after 8:00am EST, we see both metals seemingly hitting bottom and bouncing pretty hard off $16.86. While gold bounced from approximately $1,493. Both are, seemingly, on their way back to upward mobility.
We will be making use of these down moves, especially, when everyone can them coming. Right now we have our eye on the 1/4 ounce American Gold Eagle as it appears to be set up for one of the lowest mintages in the history of the program. We like gambling and this one looks like a good year to pile into this coin as we believe the premiums will be reaching for the stars in the very near future. And besides that, we like gold and the 1/4 ounce coin is a good size to add to the stack! If nothing else, we will add some gold and be happy we did!
Static charts to see what we have been discussing.