Today was the highest daily, weekly, monthly and quarterly close ever for gold.
Here’s Christopher Walken to describe the gold and silver markets today:
Kidding aside…
Once gold got outside of that daily channel, it completely obliterated the upside.
This is also compounded by the fact that in the expiring April contract which goes to spot, bank shorts decided to cover rather than make delivery to the tune of 2.1 tons according to Michael Lynch (see link)
This is historically rare to happen so late but not unheard of.
Given that banks issued no delivery notices, it’s not unreasonable this rally started at the spot level today, which is what short squeezes are based on.
Note the very late day surge on the 30 minute candles below.
Sir... looking back just no more than one month' time... it's only my impression or the pace of things is accelerating? Very difficult to preview the future I know, but... next month?
Reading You and other institutional guys (MacLeod) in the last days, I perceive just a sort of...
Cool... Awesome video👍 Have a Great "Good" Friday... And God Bless everyone.... And a special Blessing for Professor Vinny 😉
Interesting.......thanks Vince. The banks would rather cover than deliver means the physical is not available? right?
I'm a simpleton in this arena but that's how I read it.
Sir... looking back just no more than one month' time... it's only my impression or the pace of things is accelerating? Very difficult to preview the future I know, but... next month?
Reading You and other institutional guys (MacLeod) in the last days, I perceive just a sort of...
How can I describe it?
restlessness? expectation?
Happy Easter!
Vince, is there an overview/tutorial on reading OI & delivery charts that you'd recommend ?
Sweet charts as always