Updated at 12:42 CT
*Gold is currently up $44.10 at $1220.60 and silver is up 17% from intraday lows. This is the biggest swing on record for silver. Silver is $16.63 up $1.04. Demand, lack of available metals, falling oil prices and a lower U.S. dollar index are the primary drivers behind today’s gains so far.
If the Fed proceeds with business as usual, tomorrow should see a pull-back.
Gold last reported a.m. is $1198.60 up $22.10 and silver is $16.30 up 74 cents.
Both metals are recovering today on bargain hunters and short covering.
Our belief in December 2013 was that gold spot would hit $1300-$1350 by December 2014.
Gold hit a high in March at $1383.07 and struggled to hold above $1300 through August 15. The bullion bankers have continued to short gold and silver futures markets to suppress prices keeping the ponzi scheme going for now.
Both metals are at at record demand as give away prices lure even the weary short buyers.
According to COMEX which is run by corrupt JP Morgan, available supply for both physical gold and silver is estimated at 1 billion dollars each. In other words, once investors buy gold and silver don’t ask for physical delivery due to extremely limited quantity.
Gold may very well see the anticipated $1300-$1350 spot we forecast in 2013 but this largely depends on the Gold bullion bankers and how they intend on gaming the system.
Gold Goliath is not your typical gold dealer.