Silver Breaches $16 Then Retreats…Slightly

UPDATE: 9:40am EST

With the “market” open for just over an hour everything seems to be holding together. Neither of the metals is moving up or down, just kinda moving in a straight line. Click here to see live charts. We’ll chime in something grabs our attention but it seems the charts are like my morning – steady as she goes.

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If the current action in the metals “market” continues we will continue producing these short daily updates.

As we reported yesterday gold and silver both began moving right about the time the pit opened and the actual market was in session. As soon as the pit closed both metals calmed down but managed to hold their gains.

When the overnight market opened, after a shallow dip to the downside, gold and silver both began their ascension once again. Silver breached the $16.00 handle around 8:30pm EST last night.

At exactly 11:32pm EST silver was at $15.99 after retreating from $16.05. How far will drop or will it climb higher overnight. I wanted to capture all this before turning in for the night to measure what happens over night.

As soon as my eyes were open enough to see what was happening I captured the two screen shots below. Not much movement overnight but it appears the trading was active especially after the Hong Kong market closed and the criminal hubs in London and New York fired up the algos.

As you can see in the upper right corner these charts were captured at 6:35am EST. Silver and gold have been fairly steady overnight and we will see what happens as the pit opens open around 8:30am EST and closes at 1:30pm EST. In the chart above it’s the “New York NYMEX” section of listed at the bottom.

Still have about an hour before the pit opens and, so far, everything is holding steady. Will the cartel come in and do what they do so well or will the metals actually enjoy another day in the sun? Time will tell and we will let you know what happens as the day unfolds so stay tuned throughout the day.