One of the commentators (Peter Hug) of Kitco surprised me and stated their would be no tapering until the end of the year or next year. Personally I believe QE has already increased and will increase in the future. I certainly think the Fed's next move will be to drive the 10% yr bond yeild lower. JMHO.

POP! GOLD & SILVER SPIKING AFTER HORRIBLE JULY HOME SALES REPORT

AUGUST 23, 2013

After consolidating last week’s massive gains throughout the week (and weathering the cartel’s Fed minutes raid Wednesday, gold and silver have both just broken out of the cartel’s capping at $23.20 in silver, and $1375 in gold, with silver making a vertical move and closing in on $24, and gold launching towards $1400.

The move comes on today’s horrible home sales report, which saw new home sales plunge to just 35k in July with rapidly spiking interest rates. It appears the market is telling Bernanke that taper is not an option.

Will we see a weekly close over $24 and $1400 setting up a massive rally to start next week?

Silver’s vertical launch through $23.80:

*Update: silver looking ready to take on $24 after consolidating at $23.70-$23.80

$1400 pulling gold up like a magnet:

A close over $23.60 today sets up a likely short covering move to $25 next week in silver, where the first major battle is set to take place in the $25-$26 resistance area.

A gold close over $1380 likewise sets up a challenge of the $1400 level early next week (if it does not happen first today in an access market short squeeze).

A move through $25 in silver and $1400 in gold is likely to bring momentum buy momentum buyers out of the woodwork who were waiting for $16 silver and $1000 gold, and will now chase the rally higher.