Gold and Silver Prices Are Powering Higher. If Gold Breaks Through $1200 to the Upside, the Spec Shorts Are Likely to Begin Receiving Margin Calls.
Translation: We Have the Set-Up For A Potential Short Squeeze.
The SD Midweek Metals Report Is Below:
Gold is consolidating around $1180. There’s resistance near the $1200 level. Gold has been hovering right below that level, and if it breaks through, it could go much higher as the specs scramble to cover their shorts.
In our interview last week with GATA’s Bill Murphy, the PM Expert advised gold and silver could make new highs this year.
For silver, Murphy is looking for the volatile metal to first break through $17.20, then the 2016 high near $21.
This & More on the SD Midweek Metals Report: