this is from ed steer of casey research. he points out that the poor market action in the mining shares last friday foreshadowed the decline in gold and silver prices yesterday and today. he thinks they may be going for $838 in gold and $10.65 in silver.

Well, it should be obvious to anyone that the bullion banks, probably under instructions from the Fed, are trying to stampede the tech funds into tossing their long positions so that JPMorgan et al can cover all these shorts they've placed all the way up on this last rally. To take out the 50 day m.a. in gold...and clean out most of the tech longs...we'd need a decent close under $838...which is the current price of that moving average. $70 from yesterday's close would do it. In silver, we'd have to see a close of around $10.65 to get the tech funds to puke up all their longs.

Can the boyz get a waterfall decline started? Who knows...but they'll certainly try...and we've all seen it before. This has been their primary objective since trading opened in the Far East early Monday morning. And as I fire this off to my editor in the wee hours of Tuesday morning, I can see that they're still at it.

http://caseyresearch.com/displayDrp....