The "Stuck In Munich" Update (Silver, Currencies)

I was supposed to fly back to Atlanta yesterday, but Delta got spooked by a little winter weather that was expected to hit Atlanta on Sunday evening between 7:00 and 9:00 PM, so they canceled my flight, which had an expected arrival time of 2:30 PM.   To make matters worse, they also canceled all Monday inbound flights into Atlanta from Europe, so here I sit, hopeful that my newly re-booked flight for Tuesday doesn't get whacked.   All things considered, things could be much worse...at least I'm not stuck at the airport or in a hotel. 

Second order of business, my apology for not providing more regular posts last week.  Mrs. SingleMalt needed to have shoulder surgery performed last Tuesday, and since then, I have been busy driving back and forth to doctor's appointments and physical therapy sessions, while also trying to work remotely at my day job.  Needless to say, not a lot of time left over to do more than casually glance at the markets.  Even today, my time will be very limited, but I do want to provide a quick update on silver, since the action has been rather severe subsequent to my last post.

Right on Time - Silver Gets Smacked Down $.30 in 10 Minutes - at 8:20 AM!

In my post from earlier this morning (directly below), note that I cautioned we might see the short sellers stage a raid at 8:20 AM, as this appeared to be standard operating procedure last week.  Sure 'nuff...and since a picture's worth a thousand words.......

So, $31 has been defended for now, but I don't expect it to hold long.

BTW - gold and crude oil also got whacked at exactly the same time, though the latter to a much lesser extent.

As I also mentioned below, this should be a very interesting week in the silver market....fasten your seat belts!

Silver Trades Over $31 to Start the New Year

Still the pre-market in the US, but coming up on 1:00 PM here in Germany, and roughly 90 minutes ago spot silver spiked as high as $31.12, now settling in around $31.09 in a bullish pennant on the 15 minute chart.  Keep an eye out at 8:20 AM EST, as this seems to be the time when the short-sellers come in and try to stuff silver....at least this proved to be the case several days last week....but the buyers have come right back and trounced Blythe Masters and her minions.  Now that we're over $31, today, and this week, should be interesting.  Historically, over the past 6 months at least, Mon & Tues tend to be up days for gold and silver, with beat-downs coming later in the week.  If this trend holds true, we could witness a run at $32 over the next 48 hours.  

In the meantime, here's an interesting little video that I ran across which provides more detail/support to many of the statements I've made previously in this blog.  I'll warn you now, don your drama-filter, as it gets a little bit over-the-top in places, and please disregard the marketing lines at the end...I have no affiliation with these guys, but the facts as presented (minus the special effects) are true and compelling, in my humble opinion.  Will silver ever be worth more than gold?  I doubt it.  I do however agree with the silver to gold ratio getting down to 10:1, which at today's prices would equal $140/oz silver. 




Happy New Year to all.....hope 2011 brings you success and prosperity!