Good morning I receive an email subscription from an organization called the national inflation Association and last week they reported that there was a large short position in gold in that the anticipated a rise in Gold due to the fact that the shorts needed to be covered and sure enough I believe gold jumped over $100 an ounce last week.
Tuesday, October 10th has its largestshort position since November 1, 2022, when gold had a managed money short position of 121,381 contracts. On November 1, 2022, gold was only $1,645.25 per oz and a shortsqueeze took gold to $2,030.20 per oz on May 9th 2022.
This is the most extremely bullish thing that we have ever seen for gold, because the managed money short position is near November 1, 2022 levels but gold is $214.25 per oz higher than on November 1, 2022!
If the last short squeeze took gold from $1,645.25 per oz up to $2,030.20 per oz, this new short squeeze is likely to take gold from $1,859.50 per oz up to new all-time highs of $2,200+ per oz!
All we need is for gold to surpass its key breakout point of $2,100 per oz and very significant ETF buying will begin!
The gold ETF buying will take over when the short squeeze is over... thereby driving gold to $2,600 per oz+ in the upcoming months!
This is the most recent email I received from the NIA. Is this for real or BS?
Again I'm in it for preservation if there's wealth accumulation that comes along with it that secondary but again as I tell people if I had a choice between carrying dollars or something that's had value since Jesus Christ walked the Earth I'll take the latter. My apologies for the long post. Wishing you the best.