The move above 20 (for silver) has been weak to say the least. You would think the momentum from shorts covering would atleast take us to 21 (the previous pivot point)! Instead it looks like we are drifting back towards the dreaded 20! Infuriating!!!

http://rbth.asia/business/2013/07/17/china_reportedly_planning_to_back_the_yuan_with_gold_47997.html

As Max said, the first country to back their currency with precious metal/s wins!

The whole dam mining industry can go to shits as far as I'm concerned... Maybe, just maybe then we might see the old highs in g&s!

Apparently what happened in the 70s was just a "dry run"... If you remember what Volcker said about some of the lessons learned from the 70s panic. Unfortunately WE are late to the party!

In other news, gold seems to be taking a bigger beating than silver now... I'm guessing silver has been bled bone dry!@

GLTA

[It’s already begun. You’re seeing it now. If you want to know a date when our money will tank, or when the war goes hot, or when you won’t be able to get food or gas, I can’t tell you, and I don’t think anyone can. But remember what I said before, about the metals taking a hit and something happening after that. Look at the metals market. The U.S. has very little gold. Everything you see is being manipulated, from the economy to the metals to foreign policy. I believe that most politicians know how dire things are, and most are clawing their way for a seat at the global table. But if I had to answer you, and I guess I will so you’ll let me leave, I’d look for something to happen in early July as a precursor to the more major events later in the summer or fall, maybe in October.]

This absolute g&s obliteration paints an ominous pic...

GLTA, stay strong!

I read an interesting comment on ZH some time back when all the "taper" talk began. Essentially the postulation was g&s would go up once the fed stops providing the paper ammunition to its foot soldiers. On the other hand we have no idea how much the fed is secretly providing behind closed doors.