Courtesy of Mish.
Overnight action in gold and silver was interesting to say the least. Silver plunged 10% and was halted four times in a flash crash, of sorts, yet is now in the green.
Silver 10-Minute Chart
click on chart for sharper image
Silver hit as low as $20.25 and as high as $23.24. The maximum rally from the low was 14.8%
Gold 10-Minute Chart
click on chart for sharper image
Action in gold was also pronounced, but not quite as wild as silver. Gold fell $25 from the open but is now up $22 and and in the second-to-last 1–minute candle (about 10 minutes ago from this posting) was up another $10.
Time to Give Up Hope?
Louise Yamada says it’s Time for Gold Bulls to Abandon Hope. Is it? I think most already have. There is amazing pessimism in the sector already, and abandonment of hope is what it takes to set a bottom.
Are We There Yet?…
