It was an extraordinary day if you are a gold/silver bull. Gold came in slightly lower (well above the PLAN C orchestrated Access Market close of last evening) and then was trashed as traders went after stops put in place below the market on the Comex by those wanting to protect profits. Gold fell to $1235.70.

The fly in The Gold Cartel’s ointment was silver. It came in higher, was dragged down by gold to $19.71, but then began to firm up and quickly went positive. The relatively firm silver performance vis-à-vis gold was VERY noticeable and VERY encouraging. As mentioned yesterday, in the past JPM would have had silver down 40 cents this morning, especially after its recent run higher.

Not only did silver firm up quickly, it then began to take off … so much so that it made up to $20+ per ounce in the first 90 minutes of trading. One could almost hear Larry Summers going bonkers and ordering his troops to take silver down or get fired. So that’s what they did. Silver suddenly dropped 20 cents in a matter of minutes. Love our free markets. Gold, which was beginning to take off to the upside, reaching $1251.30, then fell apart again. As Ranting Andy has lamented for years, gold is NEVER allowed to pull off a dramatic reversal to the upside. NEVER. This is another one of The Gold Cartel’s mantras and it is sickening.

By the close silver was a couple of cents higher and, while gold closed lower, the finish was a tad higher than its late Access Market close yesterday. All in all, a win for our camp as The Gold Cartel ran into formidable resistance during its attack. In years past gold and silver would have been clobbered and turned the technicals very bearish. That did not happen today.

*As we all know, The Gold Cartel capped the price around $1260 in anticipation of a coming raid on the market, in an attempt to flush out the growing spec longs. They didn’t even bother to camouflage what they intended to do by virtue of their PLAN C takedowns in the Access Market. But, it didn’t work like it has in the past. The physical markets in both gold and silver DID hold up and their raid was far from what the bums wanted to achieve.