*Updated: 2nd wave of attack in progress, silver smashed under $34
Friday’s desperate attempts by the cartel to prevent a weekly close about $35 in silver and $1800 in gold were well documented on SD (and even Kitco’s weak attempt toerase the evidence of the massive raid).
This week’s silver COT report revealed that the cartel piled on another 31 million ounces to their net shorts, bringing the commercial net short position in silver to a mind-blowing 289 million ounces.
Thus, it should be no surprise to SD readers that the cartel has just initiated another water-fall decline smash in silver.
Silver had been trading in a tight range near $34.50 over the first 2 hours of Globex trading, prior to being sent down another mine shaft to $34.20. The cartel made 3 or 4 attempts to initiate a 2nd wave of selling, and finally triggered the raid as silver again dropped vertically another .30 to $33.90:
