Friday, March 9, 2012

Gold & Silver Shorts Getting Squeezed

Gold & Silver Shorts This Morning
We wrote this morning that Andrew Maguire's old buddies were downing a few brewskies in celebration of this morning's successful NFP raid of gold and silver.  Perhaps they should have stayed at their desks for another hour or two. 
In an amazing display of strength, both gold and silver have performed strong outside reversals, squeezing the shorts, and popping ABOVE the capping zones of $34 and $1700!!
Silver popped nearly $1.50 after the raid, likely taking out stop after stop for the new shorts.

Live 24 hours silver chart [ Kitco Inc. ]

Gold was just as impressive, vaulting $35 to $1715!
Live 24 hours gold chart [Kitco Inc.]

Blythe better get her traders back to their desks to ensure a weekly close below $1700 and $34!