Short squeeze is short term driver, what's next

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What was the floor before the squeeze started? Still sub 30 this morning.
 
PMBug said:
What was the floor before the squeeze started? Still sub 30 this morning.
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Sorry I meant short covering instead of short squeeze. There was a huge spike in volume as silver broke 28.5 and reversed higher to 28.7 before plunging again. It's all a giant rollercoaster :cheers:
 
There was very large volume during the surge today in gold and silver, indicating that the short squeeze has begun.
 
Today's trading activity in pms is totally uncorrelated to any other market. I guess it's beginning of the month related, ie profit taking on shorts combined with new longs.

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Since the Comex pit open Gold prices have recovered the overnight losses following the weaker Chinese Manufacturing data, there is talk of a intra-day short-squeeze - unconfirmed
‘Market talk’ – Signifies information that has not been formally tested through traditional journalistic channels and therefore is to be treated as unsubstantiated. Any interpretation of the talk is taken at the readers own risk and is a representation of the rumours within the market place and never generated by ourselves.
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http://ransquawk.com/headlines/sinc...ntra-day-short-squeeze-unconfirmed-01-03-2013
 
The big miners are all short squeezy today:

Symbol Price Change % Chg
^HUI
348.60 +7.53 +2.21%
GG
33.06 +1.04 +3.25%
NEM
39.62 +1.02 +2.64%
SLW
30.90 +0.66 +2.18%
RGLD
65.12 +2.22 +3.53%
ABX
29.09 +0.57 +2.00%
FNV
45.78 +0.78 +1.73%
 
This whole circus is such a scripted bunch of predictable shit. The toothless SEC does nothing to stop the endless manufacture of short paper thereby enabling the manipulation. What's the point really? We will all have to wait patiently for the great unraveling, which will be heralded with the grand disconnect between paper and phyz. Until that happens, and until the sheep realize that paper is simply....well......paper, then expect the status quo to reign. I suspect the currency war that is starting to heat up will be the catalyst, but I would be cautious not to underestimate the will of the Brotherhood of Darkness.
 
The Cyprus related surge could trigger the short squeeze in gold we've been waiting for so long. Volumes don't look like a short squeeze so far. I guess we'll see the squeezing start at the Hong Kong opening if we can hold the gains. The massive squeeze probably won't start before the COMEX opening tomorrow, again: IF we can hold the gains overnight.
 
The squeeze might just have begun. There was a heavy defense line at 1604 and it couldn't be held.
 
Silver is following to a degree. We need silver above 29.6 to really get something going, though.
 
Fighting with 1610 now. If we get through there, watch out for a nice jump.
On the downside we need to hold 1600 by the close. That's absolutely crucial today.
 
We managed to rebound from 1600 arround 8:40 am ET and now the fight for 1610 is won by the longs (so far). Let the fireworks begin :mrt: :clap: :rimshot:
 
We're at another key breakout point at 1614. If we go through, next stop is 1620.
Downside support at 1610. That should be held the least by the COMEX close in 85 minutes.
 
Shorts are about to lose the battle for 1614/15. Next stop would be 1620 as I said above

Silver is still stuck at 29.

EDIT: round 1 at 1615 goes to the shorts with massive volume
 
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Need to buy more physical before the premiums skyrocket.
 
Round 2 at 1615 just started. Shorts are peeing their pants.
If silver takes out 29 decisively, watch out for a massive jump.

EDIT: Round 2 goes to the shorts. Less volume = bad sign. That's probably it for today.
 
Bought a lot of paper sliver end of last week. Whoopee! Now to put on that trailing stop! I'd covered my paper gold short green awhile back...it hedged my long physical just fine, and now...we shall see.

The physical just sits there looking pretty...and due to the short while it was going down, effectively now has a lower cost basis. Nice!

(For once, things went as planned - since I take the grief when it doesn't, I get to cheer when it does, right?)
 
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