Over the last few weeks, the resiliency of the gold and silver prices to repeated attempts by the price management squad to pull the rug out and send them plunging has been remarkable – if not unprecedented in the 23 years I’ve been studying, researching and trading the precious metals sector.

While the financial media attributes the big move in the metals to a marginal decline in the dollar, in fact it’s the rapid deterioration of underlying economic, financial and fiscal policy fundamentals that are causing the devaluation of the dollar and capital flight globally into gold and silver. This is despite the fact that the sharp move higher has left the metals technically vulnerable to a price ambush on the Comex.

GATA’s Treasurer, Chris Powell, has penned a fiery, must-read commentary which suggests that it is possible that the West may finally be facing the consequences of decades in which the Governments have run big spending deficits, printed trillions of currency units and have devolved into abject corruption – and have operated using paper derivatives to mask these deadly sins by suppressing the price of gold. The fact that the canary has been dead for many years may now be apparent.

Maybe the sun isn’t the only thing being eclipsed tomorrow