Metals Update

Gold closed today in record territory rising by $21 to $1453.10. Silver rose as well to $39.18 and within a stone throw of my $40.00 target,  for April 1st 2011 (I was a little off). 

Yesterday the banksters tried to beat down Gold, it was raided heavily twice and each time it bounced up hard and finally shot through resistance (see Inverse HNS post)

Silver rose in the identical manner to close at its 31 year old record high of $39.18.

The total gold comex OI fell by 5122 contracts to 488,018 from Monday's level of 493,137. Short sellers are running for the hills. In Silver OI rose 1814 contracts to 141,268 from 139,454.

I would really be careful here around the 40 dollar mark in silver. You have JPM's witch Blythe and her dogs lurking to pound the metals before we head to 44 by Mid-May. 

Also for all those who are following the AGQ trade, its now 8 dollars above my target. Took half off this am.