The metals are hovering just below some key breakout points.
It has the appearance of a setup for an epic short squeeze, perhaps after some additional huffing and puffing.
Ted Butler thinks JPM has a corner going on the gold futures market on the COMEX.
"And I will be the first to attest that were it not for the incontrovertible evidence in the COT and Bank Participation Reports, there would be no allegation of a market corner to be made. But the data clearly indicate that JPMorgan holds 25% of the total true net open interest in COMEX gold futures and no one can refute that degree of market share wouldn’t constitute a corner on any market."If so, this will prove to add some interesting fuel for the fire to the upside. I am watching to see if we form a massive inverse head and shoulders bottom with the formation of a right shoulder and then a breakout through the neck, with a target in the $2,000s.
Well, let's see if at some point we get a triple digit gain day and break the no more than 2% up in one day rule.
If so, then silver should be capable of generating some fairly impressive shock and awe to the upside of its own.
