It’s Slaughter Time: Silver Touch-and-Go Off $29.70
Left: Silver Chart in fifteen minutes before drop-off to at least $29.70
How long will people keep on buying on dips? This must be the experiment taking place by the powers-that-be as on Monday morning they brought silver almost to its knees, down to $29.70 as of 7:41am PST. Headlines in the early morning discussed how world markets were faltering on news of a socialist president taking power in France, as most world markets remained somewhat steady. If they were down, it was only slightly. The dollar remained where it had been, around 79.50. The Euro is down to a three-month low, which has hurt gold and silver. Greek voters have shot down austerity measures, which goes against the wishes of technocrats in Europe regarding what to do with the debt of drowning countries.
It appears, though, that this is a minor early morning dip out of New York as the traders there finish their first cup of coffee and received their marching signals from Blythe Masters who received her marching signal from the City of London. Anymore market turbulence or paper market selloff will bring silver to $29.50 with the next floor in the high $26.00 range.