When the digital precious metals “market” opened on Sunday night both gold and silver went vertical. Both ground higher throughout the night and are continuing their ascent this morning. Silver is rapidly approaching the $18.00 mark in the digital “market”. Will it hold? Is the cartel preparing for their usual beatdown just as the “official” trading day begins at 8:30am EST?
Every person that I have spoken with this year, without exception, has said the metals are going higher in 2017. As Bill Murphy, along with others, have pointed to the $21.25 mark in digital silver as being the benchmark for silver to begin rallying. The type of action we are witnessing this morning, it is all very exciting, but we really need to keep this benchmark in mind. The cartel, along with the hedge funds, are well aware of this point on the charts and have the appropriate buy/sale positions in place to slow or stop any rally that mounts.
As the East continues their massive increases in acquisitions of both gold and silver in physical form, the West continues staring a setting sun in the face. China, especially, has their long term goals in place and I would bet an ounce of gold to an ounce of silver their plans include gold coming to the table as a gold backed currency. We have said many, many times China is not acquiring ton upon ton of gold in order to make more gold jewelry. China only produces 8 million silver pandas per annum, so they are not acquiring all this silver to make coins or just to produce solar panels. They are moving, what is measured, tons of gold through the SGE on a daily basis. It is believed that China is moving tons of physical gold through Shanghai and Beijing that is not counted in their “official holdings” for IMF purposes.
Keep stacking as the digital marks for gold and silver continue climbing and keep watch on the $21.25 mark as that seems to be the next jumping off point. Don’t think for a minute the cartel is simply going to roll over once silver hits this point. They will be fighting tooth-and-nail to protect this important line in the sand.
Rory Hall, Editor-in-Chief of The Daily Coin, has written over 700 articles and produced more than 200 videos about the precious metals market, economic and monetary policies as well as geopolitical events since 1987. His articles have been published by Zerohedge, SHTFPlan, Sprott Money, GoldSilver and Silver Doctors, SGTReport, just to name a few. Rory has contributed daily to SGTReport since 2012. He has interviewed experts such as Dr. Paul Craig Roberts, Dr. Marc Faber, Eric Sprott, Gerald Celente and Peter Schiff, to name but a few. Visit The Daily Coin website and The Daily Coin YouTube channels to enjoy original and some of the best economic, precious metals, geopolitical and preparedness news from around the world.
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