The silver open interest fell 2882 contracts to 132,275 as longs dumped their positions after gold’s second straight down plunge for the day.

The gold action by the end of the day was nothing short of spectacular, as buyers showed up despite the liquidation in the commodity and stock markets. And it performed superbly despite yesterday’s orchestrated takedown, bucking the horrendous technicals as a result of the bloodbath. Should gold go right back up, as I expect it will, then it will have done so twice in a row following Gold Cartel raids. This means once gold takes out $1260 again, the price is likely to explode as the cabal forces will have to retreat to higher ground … having lost two battles at current price levels.

Not only did gold do well today, but so did silver, coming back from an $18.38 low. Just holding its own was a big one for us silver bulls. Copper fell 16 cents and crude oil dropped $2.31 per barrel to $75.94. In years past Morgan would have buried silver with commodity plunges such as those.