Boom Goes The Dynamite: Metals Explode Higher

After an attempted overnight take-down of gold and silver, aided by the fact that negative import premiums in India indicate that India was not a buyer last night, gold and silver exploded higher ten minutes after the Comex opened.  This is the second time this month this has occurred.  And both times were conspicuously unaccompanied by any apparent news event to trigger the move.  Here's the chart:

(click on chart to enlarge)

Here were my thoughts on this move today that I related to GATA's Bill Murphy (the author of the daily and indispensible Midas report at http://www.lemetropolecafe.com/):

Bill, we've had two significant reversals this month off of attempted overnight hits. This is really bullish, especially since, like the last one, there's not any obvious news that triggered the move. I think one of two things happened, and maybe a bit of both. First, I think the news that the IMF took its $500 billion cap off of its bank rescue facility PLUS established a new facility which will be made available to a broader array of banks is being received for what it is, which is covert printing. Second, I think some large funds like Hinde Capital are taking on the cartel. Ben Davies may well be following in Soros' footsteps (when he took on the Bank of England and broke the pound). Davies seems to be focused on silver and that may be why your Stalker source's new client is going for physical silver now. I've felt for a few weeks that this next move might well be led by the poor man's gold.

I want to add to this observation from Eric King's comment on his King News World blog, another must-read on a daily basis: 

Investors sometimes get caught up in the day to day and week to week movements in gold and silver. Don’t waste your time or energy on that, just accumulate. Standing in front of us is the greatest transfer of wealth in history. When the dust settles, those holding the gold will make the rules.

I recommend reading the comments on fiat currency/gold which accompany Eric King's wisdom.  Here's the link:  Richard Russell on fiat money/gold

It would appear to me that the behind-the-scenes battle going on among elite players, and now some big hedge funds, to accumulate actual physical gold/silver vs. paper promises (GLD, SLV, futures/forwards, etc) seems to be escalating.  In good time more of the public will want in on this action and then the real fireworks begin.