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Gold Shorts Cover At Fastest Pace In 13 Years

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Zero Hedge
August 12, 2013

Gold shorts covered an enormous 23,518 futures contracts last week – the equivalent of 2,351,800 ounces of gold. With JPMorgan appearing to be calling everyone (here and here) to get their hands on gold to deliver, it seems our concerns over a short-squeeze are starting to solidify. The last time shorts collapsed at this fast a rate was in the 1999/2000 period which saw a considerable 33% squeeze ramp in gold prices over the space of 3 weeks in the fall of 1999. Notably, the gold short position still remains huge compared to historical values – having fallen back only to the previous all-time record high levels (i.e. plenty of room for moar squeeze). In addition to this surge in covering, Gold ETFs saw their first inflows in 2 months.

 

Gold Shorts Cover At Fastest Pace In 13 Years 20130812 Gold1 0

 

as Gold ETFs saw their first inflows in 2 months…

Gold Shorts Cover At Fastest Pace In 13 Years 20130812 Gold3 0

 

  • A d v e r t i s e m e n t

and the last time we saw shorts cover this size, prices surged…

Gold Shorts Cover At Fastest Pace In 13 Years 20130812 Gold2 0

 

Charts: Bloomberg

This article was posted: Monday, August 12, 2013 at 11:04 am





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