Gold & Silver tease watchers with new intraday highs

Gold and Silver teased seasoned market watchers today with new intraday highs in New York trade. Gold briefly hit an all time high of $1500/oz. Silver also had a very quick play with a new post 1980 intraday high of $44/oz.

Whilst of the subject of 1980, in January of that year Gold hit a intraday high of $US850 and Silver a intraday high of $52, both on the same day. Whilst gold is now hit $1500, a 76% increase over the 1980 bull market high, Silver at $44 is still about 20% below its 1980 high. Also keep in mind that the 1980's highs for Gold & Silver were caught in the updraft of an attempted market cornering to the upside by the Hunt Bros. and their Saudi mates. In the current bull market in precious metals the new high for Gold and 31 yr high for silver is being made against the headwind of market cornering to the downside, in the form of naked short bets in silver and 10's of years of net central bank sales of gold.