After the standard post FOMC metals smash that has occurred after 95% of the FOMC statement releases over the past 7 years never materialized yesterday, one had to wonder whether a short squeeze was imminent.
It appears the short squeeze is on as silver has shot through major resistance at $20 on the COMEX open, and after a quick retest of the level, is again shooting vertically higher with a last of $20.90, a 3 month high!
Silver shoots through $20, and after retesting the level, is moving strongly higher:
*Update: Short squeeze continues as silver slices through $20.50 to the upside:
Gold vaulting towards $1300:
*Update: Gold has now broken through significant resistance at $1300 to the upside and is currently trading above the $1300 level
It certainly doesn’t hurt when someone buys $1/2 billion in gold futures on the open:
Chart via ZeroHedge:
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