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Gold Daily and Silver Weekly Charts - Short Squeeze
Jesse's Cafe
Nov. 7, 2014
"Oh what a tangled web we weave,When first we practise to deceive!"Walter Scott, Marmion, Canto vi, Stanza 17
Watching the trade in gold and silver last night was interesting.
Around midnight gold was smacked down seven dollars to about $1132 in the matter of a few seconds. That is customary since traders have to reset their stops after midnight, and there was a bit of the usual inexplicable 'gamesmanship' one sees in bucket shops, rigged card games, and for some reason the Comex.
But about an hour later the price rebounded back up sharply to the 1144 area and seemed to stick there for most of the trade, with a slight upward bias, until the US announced its Non-Farm Payrolls Report for October, which sucked out loud.
There is no recovery. And as that fantasy wavered, so did the dollar and both gold and silver traded higher throughout the day, as the spec who came for the usual NFP Day smackdown ate their shorts.
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