Gold Breaks Above Key Technical Level For First Time In Over A Year

Tyler Durden's picture

Spot gold prices are now up over 10% from the 2013 closing lows. At $1,304.75, gold is at 3-month highs and has crossed above the critical 200-day-moving average for the first time in over a year. Other precious metals are on the rise with Palladium up for the 8th day in a row (the longest streak since July), Platinum up 6 days in a row (long since July) and Silver up 10 days in a row breaking $20.50.



Charts: Bloomberg

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AllThatGlitters's picture

Nice. Silver just took off like a bat out of hell:

Live Silver Chart:


philipat's picture

$20.60 was a major technical level for Ag and, as of now, it is at $20.83. Off to the races?

Soul Glow's picture

SLV down after hours [cough cough].

Blythe is still doing dirty laundry, I guess.

Crash Overide's picture

You guys all know the price is fixed right? lol

Don't matter what the numbers say, the only thing that matters is how much you have in your possession. Just saying...

Soul Glow's picture

The price doesn't matter....

....until it does.

TheCanadianAustrian's picture

Three years ago, if someone told me silver would be at $21 today, I would think they were a troll.

James_Cole's picture

Three years ago, if someone told me silver would be at $21 today, I would think they were a troll.

I sure got a lot of that one year ago. 

Gief Gold Plox's picture

Technicals mean nothing. It's gonna go the way BIS et al. decide it should go.... until one day all the phys is either in India, China or lost due to rather unfortunate and inexplicably numerous boating accidents by Zerohedge readership.

kralizec's picture

All I know is I felt something move and I kinda liked it.

johnnyarrowmaker's picture

If you're looking at this after 9am gmt, it looks like there may have been a small downturn, then an explosion upwards - perhaps Blythe is now running us up??

Being Free's picture

Saw that.  Nice move.  Someday $30 will look cheap.


greatbeard's picture

>> Someday $30 will look cheap.

Looked cheap to me at $30 awhile back, so I loaded up.  $30 looks like a long ways up now.

Soul Glow's picture

What is the value of a dollar?

Answer that and then we can talk about the value of silver.

DoChenRollingBearing's picture

Gold at $2000 is cheap.  Silver at $30 is cheap too.  

Patience everyone.

N2OJoe's picture

Well according to an old, irrelevant document, a dollar must be 1oz of AG.

Good thing we don't listen to laws or dusty old documents though, or our overlords might not bestow upon us the latest iCrap or McPoison to consume.

manofthenorth's picture

Silver just went VERTCAL UP . I sure like Silver to win in the 1st.

gdogus erectus's picture

Don't look now but silver's getting wood.

MeelionDollerBogus's picture

ought to be. For 1305 gold silver should be 21.5226

That's ln(21.5226) = 1305.38 x 3 / 2635 + 19/12 to the trend,

manofthenorth's picture

I am going to really miss getting 60+ ounces of Silver for an ounce of my Gold. It would not hurt my feeling if that continued for as long as I can produce Gold. I tell my Gold mining buddies that one day Silver will be worth as much as Gold and they all look at me like I am crazy. Time will tell.

FieldingMellish's picture

So is this H2 2012 or Jan 2009?

MeelionDollerBogus's picture

2009, log-scale compress the dates on the 10 year chart, take a look.

repeat on gold, then exponential on silver for gold.

Cacete de Ouro's picture

Gold and Silver up?

Deutsche Bank leaving the London gold and silver market fixings sure must have thrown the other fixers into disarray. Or else the phones are down:

London Gold Market Fixing Limited

Francois Combes - Societe Generale
Matthew Keen - Deutsche Bank
David Rose - HSBC
Martyn Whitehead - Barclays
Simon Weeks - Scotia Mocatta

Alternate Directors
Vincent Domien - Societe Generale (Current chairman of the Gold Fixing)
James Vorley - Deutsche Bank
Steven Lowe - Scotia Mocatta
Peter Drabwell - HSBC
Jonathan Spall - Barclays

London Silver Market Fixing Limited

Matthew Keen - Deutsche Bank
David Rose - HSBC
Simon Weeks - Scotia Mocatta (Current chairman of the Silver fixing)

Alternate Directors
James Vorley - Deutsche Bank
Peter Drabwell - HSBC
David Wilkinson - Scotia Mocatta

Soul Glow's picture

Crash those fuckers!

Buy silver!!

Shrapnel's picture
  • 11 lengths of rope, 11 suitable lamp posts.
SuperRay's picture

Taking bets on how many days before the next banker 'suicide' is reported, sans details of course...

olenumbersix's picture

ok I'm in, but first not sure the last four suiciders didn't have help. Nail gun, a banker ?  o come on! Jumped off the roof how did that work  " one, two, threeeeee"  suicide my ass.  3/1/14 with a candle stick in the study. and no helping them to their reward to improve your score.

TahoeBilly2012's picture

Bridges work better and with the Internet, raise the drama level to 11!

Silver Garbage Man's picture

Remember, we stackers have been abused for over 2's our time to shine.

fijisailor's picture

I hear ya but this has nothing to do with justice.

SuperRay's picture

It has everything to do with truth, and therefore, yes it has plenty to do with justice...

fijisailor's picture

So truth and justice float on a sea of paper?  What do you think is driving the price up, physical demand or the buying of long contracts?  How committed are longs to taking delivery?  Are these strong hands when the herd starts running for the exit?  GLD is up 8% YTD and gold is up about the same YTD.  The leverage in GLD is 50/1 or 100/1 or some ridiculous number  What controls the market do you think?

Soul Glow's picture

I was 13 days off, but in the start of the year I called for $1300 by the end of January.  The trend will continue.  Look for $1450 to be taken out by the solstice.

fijisailor's picture

So where and when's the top?

Soul Glow's picture

Jim Rogers says $250, Kreiger does too.  Faber says the dollar is worthless and to be your own bank.  Celente says the dollar isn't worth the paper it's printed on.  

My prediction?  The top will come in at $25k for gold and $2k for silver.

This will not happen for about 5 years and could take ten, but that's what I think.

fijisailor's picture

Jim Rogers might turn out right for paper contracts.  Otherwise I've heard his opinions on India and he's way off there.  He thinks the gov will get their hands on the temple gold.  Faber seems more realistic though.  Your prediction sounds reasonable considering the extreme market intervention we've had.

Soul Glow's picture


Who the fuck is junking me?

This is Fight Club, so go ahead, tell me something I don't know.

DoChenRollingBearing's picture

Banksters are junkin' ya Soul Glow.

I might add: Buy Palladium!

SuperRay's picture

Dude, when gold is at that level, there will be chaos like you can't imagine. Gold will become a barometer of social instability.  they will be highly correlated.  Better learn self-defense, electricity, plumbing and perimeter integrity...

theliberalliberal's picture

just send us an X-class solar flare mr glow and we can stop with the waiting

Soul Glow's picture

You know, I think the monied elite have wished that would happen so they could blame the sun instead of watching economics - the science of - crumble in their faces.

blacktusk's picture

What collapsed that we dont know about yet??

The_Ungrateful_Yid's picture

I was about to say. Something big is on the horizon for sure and ain't the sun.

Soul Glow's picture

Emerging markets are collapsing all over the globe.  

The 1st world is being floated on paper, and guess what, paper don't float.

blacktusk's picture

The sudden ramp tonight is not the usual. This sort of ramp usually happens at the NY open, follwed by a fall back slightly above the start. Not typical lately anyway