Reports are coming from a few different sources that London is shipping gold now from Switzerland, potentially showing that GLD ETF Fund Gold for delivery is depleted. It can explain all this battle for $1,200 level. Gold is higher today, next level to ignite short squeeze is $1,225. Sell in May and go away … came early this year today - who would like to hold the bag now? Lower US Dollar will confirm Double Top Reversal and ignite Gold Bull from Double Bottom Reversal print.
This parabolic move in US Dollar signifies the most crowded trade - everybody is long US Dollar now. We have record short position in Gold and the next move could be very spectacular. Despite of the rising into the potential Double Top US Dollar Gold was holding well this week and has regained $1,200 level.
After today's huge miss on The Jobs Report the parabolic move in US Dollar is officially over. With crashing dollar commodities should finally find the bottom. Gold is already printing very strong Double Bottom Reversal, confirming what we had discussed before. Move above $1,310 will bring all the fun back now. Good Friday to everybody who is not short Gold or Euro … Monday will be interesting with Record Short position in Gold.
"This is what is called the parabolic move in US Dollar. It has "coincided" with the collapse in Oil and other commodities. You can appreciate the magnitude of this move and the total devastation is has caused in the commodity markets. Is it over now? Everybody is still bullish on dollar, but FED has already scaled back expectations on the rate hike. Immediately we had the dollar flash crash, which is better seen on the daily chart below. Strong dollar is not very good for the recovering US economy, actually FED is in the corner of 18 Trillion debt, All-Time-High markets and the brave idea to hike the rates. Half of the traders maybe have never even seen rising rates in their lives before. What will happen with the market on fire once the oxygen will be going out? I would say that this "removal of patient does not mean that we are impatient" will lead to the very gradual couple of hikes the most. Once the market realise it, this parabolic move will end in the crash. The higher it goes the harder it will go down. When will it happen? I guess that nobody knows, but at least we have the hesitation now, which could be enough for the margin calls on this the most crowded trade after another 5% move down. Read more."
"Nova Gold has published its new presentation for PDAC 2015. Now you can find more information about Alaska as mining jurisdiction and Donlin Gold type of Gold deposit. TNR Gold owns 100% of Shotgun Gold project in Alaska, which has very similar geology to Donlin Gold, according to Greg Johnson - one of the founders of Nova Gold. Read more."