Stepping back and looking at the big picture - Eric Sprott reports that the short position in gold is $76 billion dollars, and the short position in silver is $13 billion dollars.
With the Brexit increase in the gold price the shorts have got to be hurting, and may have to dive for cover - so you have all the conditions required - for a huge short squeeze in the POG price of gold - it will be a lot of margin calls made next few days - I expect plenty of POG volatility - the more volatility the higher it will FLY -
CALVF Q2 gold production numbers at Blanket are due about a week from now, and I expect increased gold production news will cause CALVF to finally break the LT long term 20 year downtrend line - at $1.02, and once the stock closes above about $1.15 - buying pressure will increase - as technical buyers move into the stock -
well said by ganndolph
Gold retreated back to the $1300 zone today, as markets seemed to take a breather from recent Brexit inspired moves. The dollar slipped as well, as the two markets continue to be correlated.
As for that correlation between the dollar and gold, Grant Williams says the following:
“It doesn’t happen often, but when it does it’s a sure sign people are nervous — saw it in 2008, saw it in the 30s. It’s a sign we are at a point of critical stress.” — Grant Williams When investors are nervous, they frequently turn to gold -
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