With investors concerned about the recent gyrations in global markets, is a short squeeze about to be unleashed in the gold market?
Eric King: “James, you’ve been talking about this short squeeze (that may take place in the gold market). We haven’t seen it materialize yet, but when you look at that tape it sure looks like there is something going on underneath it.”
James Turk: “Yes, there really is. These things require patience. It’s unfolding the way it should be unfolding. The most important thing to me is that we came through the option expiry in a way that was very different from countless option expiries we’ve seen over the past several years…
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James Turk continues: “Gold held its own and that was very significant and very important. And the other thing we saw, Eric, was this huge increase in these exchange of futures for physicals, or ‘EFPs.’ There is a lot of paper on the Comex and the shorts think that paper can be induced to move over into the forward market by private negotiation. And these private negotiated contracts are not visible to the public. They are obviously enticing the longs to continue rolling forward (their long contracts). So we…To continue listening to the fascinating KWN audio interview with James Turk CLICK HERE OR ON THE IMAGE BELOW.
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