Silver Spikes Through $28, is Instantly Raided

Silver Doctors

July 27, 2012

Gold and silver consolidated gains and worked higher overnight throughout the Asian and London sessions, and both made a mini spike higher in early COMEX trading but have subsequently been smacked down.

At 8am EST Silver made a .25 vertical move from $27.75 through $28 to $28.01, but was then instantly raided and smashed all the way back to $27.50.

To demonstrate how quickly the cartel leapt into action once silver cleared $28, the move to $28.01 does not even appear on today’s 1 minute bid chart.

Wave 2 has subsequently taken silver back to $27.33. Clearly the cartel understands the significance of silver closing the week above $28.

Gold also was treated to a $10 smash on the COMEX open, falling from $1630 to $1620.

Gold is still set for a positive weekly close, and as we mentioned yesterday, a weekly close above $1600 should see gold trade to $1650 next week, which will be a critical point for the metal. Once $1650 is cleared decisively, new all-time nominal highs will be seen in short order.