Final clean out

GOLD

Wow, this definitely was the final clean out of Gold commodity investors. Margin calls were sent out early this morning when Gold was brought below the $1,180 per ounce level. Remember, before every major Gold/Silver rally in the past, it started with a sharp drop that cleaned out the weak investors. With the Turkish currency crisis driving up the U.S. Dollar to 96.50, Gold sold off this morning reaching a low of $1,175 per ounce. I’m seeing record trading volume and doubt that Gold will go much lower. This is truly an extraordinary opportunity for long term Gold investors to add to their holdings. At 11am PDT today, Gold down $15 per ounce, trading at $1,180 on heavy volume.

SILVER

Silver reached an unbelievable low of $14.33 per ounce (a 5% decline) in early trading. When it was brought below the key $15 level in early trading, the short-sellers went nuts, driving the price down $0.67 before buyers got aggressive. The Silver-Gold ratio is now over 81-to-1. At 11am PDT today, Silver is down $0.50 per ounce, trading at $14.52 on heavy volume.