Comex Gold Short Increases Dramatically

"One of these days we will...find ourselves staring right into God's eyes.

 And the first one who blinks is going to lose his testicles."

 Peter O'Toole (Dr. Harry Wolper), Creator

So guys, how good do you think that trading idea that Goldman gave you is going to get resolved?

Last one out of the pool picks up the tab.

Short positions in gold have risen 25% in the last 3 weeks.

Source: Bloomberg, h/t Tyler

Gold Daily and Silver Weekly Charts

Gold and silver were capped in light pre-holiday trading in the US.

There is some intraday commentary worth reading here and from late last night here.

Have a pleasant weekend. 

See you on Monday.

SP 500 and NDX Futures Daily Charts

Once again the market opened lower, and the dip was bought, in light pre-holiday trading.

Have a pleasant weekend.

Citi's Tom Fitzpatrick: Gold and the US Debt Limit Correlation

According to Citi's analyst Tom Fitzpatrick in his interview at King World News:

"As can be seen from the chart, Gold has never stayed below that “stairway to hell” for very long. Given that the debt limit number is going to continue higher, a re-emergence of Gold strength looks inevitable.

A lot of 'considered opinion' suggests that by the end of the present electoral term (the end of 2016 when new presidential elections take place), that the US debt limit will be at around $22 trillion USD."

Tom has a number of interesting charts which you can see at his KWN interview here.