this is from today's commentary by bill murphy at lemetropolecafe.com

Anyone who watches gold and silver trade can see that somebody (The Gold Cartel) is defending $1160 gold and $18.50 silver with all they have. It couldn’t be clearer to any disinterested market observer. IMO it is because The Gold Cartel is petrified of what they are encountering behind the scenes in the physical market. And it has to do with what has been brought to you attention by the GATA camp the past week or two regarding the growing potential for market defaults. The latest…

The following rumor came my way this morning from the best of sources:

A major Wall Street firm has defaulted to two of their clients on delivery of mini-silver contracts which were supposed to be delivered in JANUARY. Mini contracts! Stay tuned on this one. Will update you if I hear anything more.

The odds are growing that The Gold Cartel is getting turned on (not in a physical way) by its own sycophants who are now buying gold and silver once they take the prices of each down on one of their raids. The Gold Cartel’s former allies are laying in the weeds so to speak. So, instead of gaining traction with their former allies, they are losing traction with the same group … making their price manipulation extremely difficult.

The high in gold was $1161.50 and the high in silver was $18.51.

There has been a great deal of trading tension building around these two key technical market numbers. As a result, the odds are increasing that we will come in one morning and be greeted by sharply higher gap openings, which should lead to some serious upside fireworks.