Comments out of Japan during the evening hours here in the US that dealt with further radiation leaks from the crippled nuclear reactors sent the markets into what can only be described as sheer, mindless panic selling. It has hit every single market with the exception of the US Dollar and the US bond market. Eerything else is being slammed lower by the hedge fund algorithms.
Both silver and even gold are being sold by these black boxes as technical chart levels get taken out which then engenders further selling as there are no bids under some of the markets as they descend. In some cases the markets are descending lower on what looks like one and two lot offers.
With that in mind here is an updates silver chart.
It has blown throught two horizontal support levels, the first near $35.50 and the second near $35. Further support lies back down near $34.30.
We'll see what happens when the US comes on line and whether or not the panic selling has run its course.
"When misguided public opinion honors what is despicable and despises what is honorable, punishes virtue and rewards vice, encourages what is harmful and discourages what is useful, applauds falsehood and smothers truth under indifference or insult, a nation turns its back on progress and can be restored only by the terrible lessons of catastrophe." … Frederic Bastiat
Evil talks about tolerance only when it’s weak. When it gains the upper hand, its vanity always requires the destruction of the good and the innocent, because the example of good and innocent lives is an ongoing witness against it. So it always has been. So it always will be. And America has no special immunity to becoming an enemy of its own founding beliefs about human freedom, human dignity, the limited power of the state, and the sovereignty of God. – Archbishop Chaput
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