Shorts Are Squeezed As Gold & Silver Go Vertical!

Gold & silver have just made a rare vertical (to the upside) move on today’s COMEX open, as the shorts looking for sub $18 silver and $1000 gold appear to be receiving the squeeze treatment.

 

 

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Silver exploded from $19.50 back through $20 to $20.03:

Gold has moved $10 to the upside from $1205 to $1215:

With gold and silver down  28% and 35% on the year respectively, don’t be surprised if a significant short covering rally materializes over the last 4 trading days of 2013, as fund managers who are strongly short the metals look to book gains into year end.

 

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Comments

  1. Grab your popcorn. 10 yr about to go through 3%…At 2.99 at the moment…Could get very interesting with stops being triggered right above here…

    If this closes at or above here, the graphs turn very bullish for higher yields…I hate TA in general but I know a lot of guys with big money are using it right now, particularly when it comes to treasuries/gov bonds…

  2. Yep getting interesting but we will wait and see. Until then, Keep Stacking.
    Happy Boxing Day

  3. Vertical, but still in the range. I want to see Ag limbo.

  4. ah, yeah…. the bouncing ball.  must be some sort of Chinese mystery buyers.  To Da Moon, Byotcheez!  I swear, gold will be 5,000/oz any second now, an old guru taxi driver told me it’s a sure thing. 

    • “…an old guru taxi driver told me it’s a sure thing.”
       
      Nah, that was just Ranger in drag, picking up a few bucks driving a hack.  ;-)
       

  5. Man in black must be still on holidays. 

  6. sucker some in and then WHAM   back down to the bottom of the range and maybe even $17 an ounce 
      My year end guess was $17.38 so I hope it drops

    • I am holding out for some lower Silver prices.  If Gold drops to a $1000 then I will but more Gold. also.

    • @AGXIIK My guess is that this buying is mostly end of the month/year short position closing (since this has been a huge year for shorting), and that the taper selling pressure will recommence beginning of 2014. Maybe the floor is strong enough, but I doubt it will hold on the current news/trend. We won’t know until then so I’ll stick to the holiday celebrations :)

  7. For those of you who listen to Rickards, here is an interesting podcast about gold in an inflationary or deflationary environment, why China’s gold will never see the light of day, Swiss refiners, the Fed, etc.:
     
    http://www.physicalgoldfund.com/podcasts/

  8. Meanwhile, back in ‘not-even-paper-money-land…’
    Dogecoin, the virtual currency that was named after a silly meme but has been described as a potential successor to Bitcoin, was successfully hacked for the first time today, with Dogewallet users losing an estimated 21 million Dogecoins. Along with several hacking attempts on Bitcoin wallets, the Dogecoin incident is a reminder that all online wallets are vulnerable to hacking
     
    Thinking that I will just stick with my phyzz stacks for now.  A hacker will need to get past me to steal my stack; d!cking around with 1′s and 0′s won’t get it from old Mammoth.

    • good thought there Mammoth.  For every chickbleep little hacker who steals via the electronic pathways, only one has the stones to come to your front door. The thing you need to know is how to ID the front door theif from the 999 gutless wonders who steal in the internet.  That 1 is pretty easy to see if you get the drop on him. 

    • “That 1 is pretty easy to see if you get the drop on him.”
       
      Not a problem, AG.  That poor bastard will be too busy running for his life from the 2 Dober-wilers that watch over Woolly’s property.  I can see it now… Nice doggies… good doggies… friendly doggies… RAWR! CHOMP!  Aiiiiiiii.  lol
       

  9. :)   Here’s a thought.

  10. The only short squeeze here is when the fed takes a massive qauntive easing on the huge mega banks that gives these banks massive runs with so much cash. An the only thing the banks are willing to do about it is to lend it back to the government at near 0%. An with the rest they buy up the stock market an down with the pms. An leave the American economy to sweat it out an starve. Iam beginning to wonder why such a long recession mini depression is for? To rake all the savings an wealth of the American peoples 401ks an back yard treasure troves?

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