Jesse reports that COMEX is still leveraged at the record levels of 80 owners per one oz of Gold. Next week will be very important for Gold market. The move above $1260 will bring more short covering and will bring more confirmation on Double Bottom retested in 2013 at $1180 level.
"King World News has published very interesting long term charts for Gold, Silver and Gold Mining Shares."
Jesse's Cafe Americain:
January is a non-active month, and overall inventories are adequate.
Those who hold bullion will need some incentive to move it to the deliverable, registered category for February, which is often a significant physical delivery month.
But all in all, the Comex is now the tail wagging the dog, the paper sideshow to the real bullion markets which are moving East.