Original post:
We're still looking for $1360 and have been for over a month. After getting to $1349 and change on July 22 gold reversed until Aug
If I were smart I'd have done a post at both the intermediate high and low but I was distracted.
(insert fauxpology here)
From ZeroHedge:
Gold Shorts Cover At Fastest Pace In 13 Years
Gold shorts covered an enormous 23,518 futures contracts last week - the equivalent of 2,351,800 ounces of gold. With JPMorgan appearing to be calling everyone (here and here) to get their hands on gold to deliver, it seems our concerns over a short-squeeze are starting to solidify. The last time shorts collapsed at this fast a rate was in the 1999/2000 period which saw a considerable 33% squeeze ramp in gold prices over the space of 3 weeks in the fall of 1999. Notably, the gold short position still remains huge compared to historical values - having fallen back only to the previous all-time record high levels (i.e. plenty of room for moar squeeze). In addition to this surge in covering, Gold ETFs saw their first inflows in 2 months.
...MORE
Here's the last couple weeks of action via FinViz, $1339.40 last:
