Shorts in Trouble? Gold & Silver Spiking Again on COMEX Open

August 12, 2013 By The Doc

On this weekend’s Metals & Markets, The Doc & Eric Dubin informed listeners that silver’s strong trading Friday in breaking through the cartel cap at $20.50 in the access market could result in a big move to the upside in silver this week.
Just as predicted, both silver and gold gapped up on the Monday Asian open tonight, with silver blasting nearly $1 higher to $21.30, and gold moving $20 to the upside through $1330. After a consolidation back under $21 during London trading, gold & silver are again going vertical on the COMEX open.
Is the long anticipated short covering rally in the metals underway?

Silver gapped up on the open, and quickly tested $21 twice before bursting through it to $21.30. Look for a retest of the $21 level breakout throughout the overnight session. A strong move back up after retesting the $21 level could easily propel a short covering spike to $22.50 early this week:

Gold launched immediately through $1330, and has been consolidating around the number throughout early Asian market trading:

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