A short squeeze is underway in the gold and silver markets and it is fueling a massive spike in the mining shares across the board today.
What A Move!
January 19 (King World News) – King World News: What a day for the precious metals complex with the mining stocks exploding to the upside as the XAU and HUI were up over 7% during the trading day.
XAU Gold Mining Index Spiked 7.5% Today!
HUI Gold Mining Index Spiked 7.5+% Today!
Gold & Silver Short Squeeze
Fred Hickey: As the Fed pussyfoots around – talking tough, but still printing gobs of money and with rates still near 0% (ECB is worse), CB’s may be losing control as oil soars ($86), some metals in backwardation (indicating tightness & short supplies), leading to squeezes (including silver).
Yesterday, gold didn’t participate in the metals frenzy (likely due to a strong $). But today, dollar’s down (yesterday’s $ up move could have been a trap) and gold soars $23 too, breaking $1830 (causing technical momentum buying). Break $1837-$1840 and there will be even more piling in…
Billionaire Eric Sprott bought a 20% stake in a mining company
to find out which one click here or on the image below
Gold
Graddhy out of Sweden: Said Aug 9th was a very probable weekly cycle low for 4+ months, and still is. Said green rounded bottom/arc looks great. Still does. Said blue breakout and backtest looked very good. It does. Now at the gates at 1837. 1835 cleared, as expected.
Expect More Upside As Gold Has Broken Out
Silver
Graddhy out of Sweden: Silver broke away from blue line backtest, as expected. It closed above MA50 & made higher high on big volume, this while USD bounced. Strength. Today it has follow-through which is what we want to see. We might be seeing silver taking the lead.
Silver Has Also Broken Out On The Upside
XAU vs Gold
Graddhy out of Sweden: My ultimate long term ratio chart showing pm miners vs Gold is still backtesting blue line after the massive breakout. This ratio chart is rising in a pm bull & expect it to make new all-time high during this pm bull. The chart shows pm bull is healthy & in infancy.
Mining Stocks Poised To Explode Higher vs Gold
Gold vs S&P 500
Otavio Costa: Bring it on. The gold to S&P 500 ratio looks to be breaking out from almost a year-long downward trend. My 2 cents: This is beginning of a move, not the end of one.
Gold Poised To Explode Higher vs S&P 500
Gold
Alasdair Macleod: Gold still has some work to do before people become bullish. Breaking the downtrend at about $1850 is the next step.
Gold Close To Another Major Upside Breakout!
Silver Backwardation
James Turk: This backwardation shows silver in tight supply at Comex. In old days, deliveries were always early in the month b/c shorts want to get paid & avoid storage fee. When deliveries are delayed into the month, shorts can’t find precious metal to deliver. Bullish for silver price.
Silver
Alasdair Macleod: Silver is impressive, having risen to challenge the established downtrend already. Backwardations suggest there is more to come on the bullish tack!
Real Time Silver Has Broken Out, Trading $24.25!
Also of importance…
One Of The Richest Silver Deposits
Joe Hebert: Outcrop continues to add value to its Flagship Santa Ana Project in Colombia from a drill program ongoing for the last 24 months. Outcrop has made an impressive high-grade silver-gold discovery on Santa Ana that now comprises seven large high grade shoots. Drilling indicates a weighted average grade of 1,380 grams equivalent silver per tonne across all seven shoots. The silver equivalent values represent 7.52 g Au/t and 860 g Ag/t indicating that Santa Ana is the highest grade silver and gold camp in Colombia and that it compares favorably with any modern precious metals project in Latin America.
Outcrop Is Preparing To Bring Santa Ana To The Next Level
Outcrop is drill-testing seven more high quality targets showing high values to 64 g Au/t and 5,500 g Ag/t and 6,200 g equivalent Ag/t. The new targets express silver and gold values at surface as good or better than the shoots we have defined by drilling. The discovery area with drill-ready targets occur along 16 kilometres of vein zones that included the Frias Mine, also on the Santa Ana Project. The Frias Mine produced 7.8 million ounces from a single shoot and is considered an analogue to any one of Outcrop’s shoots.
Outcrop’s fourth phase of drilling is underway to be completed in August, when a fifth phase will be initiated. A third drill rig added in March to focus on resource definition drilling, while two drill rigs work to expand our discovery. To date drilling defines a potential resource area of 1,840 metres by 320 metres projected depth, from drilling less than 10% of the 36,000 hectare Santa Ana Project. Outcrop intends to produce a compliant resource report before the end of 2022. Outcrop Silver & Gold, symbol OCG in Canada and OCGSF in the US.
ALSO JUST RELEASAED: Gold Up $25 And Silver Surges Back Above $24m But Look At These Big Surprises CLICK HERETO READ.
ALSO JUST RELEASAED: GOLD & SILVER BULL MARKETS READY TO STAMPEDE: Silver Surges 3% As Dow Plunges Over 550 CLICK HERE TO READ.
To hear Gerald Celente discuss surprises for 2022 CLICK HERE OR ON THE IMAGE BELOW.
To hear Alasdair discuss the gold and silver markets and more CLICK HERE OR ON THE IMAGE BELOW.
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