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T. FERGUSON: WORST MAY BE YET TO COME, GOOD CHANCE SILVER WILL BE TAKEN DOWN TO $25, GOLD TOWARDS $1500

MARCH 4, 2013 BY THE DOC 31 COMMENTS

Our friend Turd Ferguson of TF Metals Report has released a gold and silver update warning that the worst may be yet to come for the current gold and silver cartel smash.

Ferguson states that the odds are at least 25% that gold and silver will still see a spike-low harvesting stops, with silver plummeting to $25, and gold towards $1500:

I’m beginning to sense that the ultimate goal of this entire event is to harvest the stops below $26. IF this happens…and currently I’d put the odds at about 25%…a quick drop to $25ish would be your final bottom. Price would quickly recover back above $26 and this deliberate beatdown would be over…And gold could very easily suffer the same fate. If The Cartel can engender enough additional spec selling, a veritable cornucopia of sell stops lay waiting for them sub-1530. And you can just imagine the reaction in the media:

“GOLD IN BEAR MARKET!!” will be screamed as loudly as possible in the hopes of inspiring even more selling.
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Turd’s warning that gold and silver may still see a spike low to complete the 2 month long correction/ takedown:

Someone, either an HFT or a Cartel monkey, pulled the trigger on a sell order in silver at the very thin trading hour of 4:00 a.m., New York time. Since silver was sitting right on top of the previous week’s lows, the effect was predictable. A host of sell-stops were “harvested” as price quickly fell about 50¢. Note then that price quickly recovered as liquidity returned with the opening of the Comex session.

Why did I start there today, you ask?

Because now $28.40 is a very important level to watch early next week in silver, and,

It is becoming increasingly likely that the same trick is going to get played out on a much larger scale in both gold and silver before a final bottom is put in and price permanently reverses.

So let’s start with silver. Running the stops yesterday has fortunately provided us with a very clear level to watch at $28.40. If silver slips below there again early next week, it would be a near certainty that we are going to take at least one trip down below $28. There has consistently been a lot of support there so taking it much lower is going to be a task for The Bad Guys.

That said, I’m beginning to sense that the ultimate goal of this entire event is to harvest the stops below $26. IF this happens…and currently I’d put the odds at about 25%…a quick drop to $25ish would be your final bottom. Price would quickly recover back above $26 and this deliberate beatdown would be over…

And gold could very easily suffer the same fate. If The Cartel can engender enough additional spec selling, a veritable cornucopia of sell stops lay waiting for them sub-1530. And you can just imagine the reaction in the media: “GOLD IN BEAR MARKET!!” will be screamed as loudly as possible in the hopes of inspiring even more selling.

Like silver, I only give this about 1 chance in 4 of happening but we must be on the lookout and prepare mentally. IF this occurs, you must be strong and BUY, not sell. The spike low will be The Bottom.

Click here for the rest of Turd’s excellent commentary at TF Metals Report: