Gold goes vertical with short squeeze in action after the $1,270 level today. The highest print was $1,292 so far and the real game of music chairs will be started after $1,300 and tomorrows headlines. The big boys are loaded as well as flood of articles positive for Gold in WSJ, Reuters and Bloomberg can indicate. General public is still chasing the last Bubble in the general equites and GDX - ETF with Gold miners is breaking above 200 MA today. The real reason for the run are actual Chinese numbers from Koos Jansen report of 2,181 t of Gold consumed in China in 1213 and the coming shortage of physical Gold.
McEwen Mining is breaking out to the upside above CAD3.0 and will take, hopefully, TNR Gold with it to the more appropriate valuations.
Morgan Gold: Gold Shortage - Is It Time To Buy Gold? TNR.v, MUX, GDX, GLD, RGLD, ABX, GG, AEM
"There is Gold shortage to come very soon as all the Gold which has gone to the East will not be coming back. China is accumulating Gold with military state-level planning and devotion. The real numbers of 2,181 tons of Gold imported by China last year, Koos Jasen is talking about, are really groundbreaking and close to the world's annual production."Unprecedented Total Chinese Gold Demand For 2013 Was 2,181 Tons TNR.v, MUX, GLD, GDX, RGLD
"Yesterday WSJ, Reuters and Bloomberg have created a lot of buzz in mass media about unprecedented Chinese Gold demand of over 1,000 tons in 2013. Koos Jansen reports that actual demand was almost double that and stands at 2,181 tons of Gold, excluding PBOC purchases! Koos Jansen makes the great work of the forensic investigation of the real Gold market in China and his work is highly recommended for all interested in the gold market.
Gold is trading higher today at high $1287 in Asia after breaching $1270 level. The Mother Of Short Squeeze has finally arrived in the Gold market and Janet Yellen testimony today will provide the catalyst."