(SD) The cartel take-down has intensified yet again today as the quarter draws to a close and the bullion banks attempt to inflict max pain on those long gold and silver, as the white metal has been smashed to a new 4 year low of $16.79.
It now looks like a retest of the entire 2010-2011 bull rally to $50 at $16 is likely. Silver smashed through $17 to a new 4 year low of $16.79.
The best news for silver is that thus far, gold has refused to break below $1200 and re-test the bear market low of $1179 placed in July 2013.
Should the lows hold for gold, pressure is building for an epic short squeeze in silver.
We have long maintained that the hardest part of enduring a bull market is not the being right, it is the sitting tight.
Today’s action is testing the resolve of even the most resolute PM bulls.