Huge miss in Jobs numbers with only 74k created vs estimated well north of 200k can not be just dismissed as a blip in the data. Peter Schiff discusses that FED can not really Taper now, there is no real recovery and FED does not have the exit strategy. Gold is waking up to these developments. What if this data is the real state of the economy? Once people will realise how wrong is the expectation about the recovery Gold will go straight up. COMEX data shows that Gold shorts will be in trouble very soon.
Junior miners are finding the bids these days. McEwen Mining and TNR Gold had a very good week and huge short position on McEwen Mining will be driving the price in case if Gold will confirm its break out next week.
"Jesse reports the new all-time-high leverage at the COMEX with 93 owners for every ounce of Gold. Everything is primed for the fireworks in Gold now. After today's huge miss in Jobs numbers Gold is breaking out to the upside. Move above $1250 will make shorts to cover and we need to go over $1270 to confirm the double bottom formed at $1180 levels in 2013 now."