Blythe & Her Parlor Boys: Silver Sees Overhead Resistance at $30, Sprott sees $50 Silver By Year’s End

Silver was taken out back and slapped around a little bit behind the barn this morning leading into N.Y. open. The devil’s metal had its face in the dirt at about $28.90 before rocketing up to $29.40, showing significant strength between $29-$30.  This will bring it back down to the $29 number today, with the next serious resistance resting at $26.00.

The western banks were out in full force this morning showing the Chinese that this is their market and they will set the silver price through fiat, multilateral sell-offs.  Indeed there was excitement in the markets last night as the Shanghai Silver Exchange had its first days buoyed silver in Asia trading, but right at the New York open Blythe Masters had her army of parlor boys recently graduated from Ivy League do her bidding.  The $29.30 number the metal sat at throughout the night, and that is where it is sitting now. It is still early in the morning and I expect we could see a mid-morning sell-off, as $28.50 is the next manipuation target if Deboyyzz want silver down the memory hole.

Read these remarks by SGT Report on Eric Sprott’s recent appearance on mainstream media:

Eric Sprott entered the CNBC ‘Fast Money‘ fray today and predicted that silver will “be back over $50 by the end of the year.” When pressed, Sprott took Buffet, Munger and Gates to task too, pointing out that they’ve always been wrong on gold – and gold was theinvestment of the last decade – so why on earth would anyone trust their opinion now?

In top form and unflappable as usual, Canada’s most pleasant Billionaire addressed gold’s recent woes:

“If you were in Greece or in Ireland or in Argentina at one time would you have been taking your money out of the bank and would you have purchased gold? I’m going to fall back on Jim Grants’ statement here on CNBC when he said, “all markets are manipulated” … The People who sell paper gold and paper silver can rule the markets in the short-term but I think in the long-run physical participants will win the day.”  (Video Below)

Platinum remains below $1500, as does gold remain below $1600. Gold saw an uptick this morning but remains in the red. Palladium is aiming at $500,trading at approximately $620.00, consolidating after a big run up from the $600 level all the way to $700.