Gold goes vertical with short squeeze in action after the $1,270 level today. The highest print was $1,292 so far and the real game of music chairs will be started after $1,300 and tomorrows headlines. The big boys are loaded as well as flood of articles positive for Gold in WSJ, Reuters and Bloomberg can indicate. General public is still chasing the last Bubble in the general equites and GDX - ETF with Gold miners is breaking above 200 MA today. The real reason for the run are actual Chinese numbers from Koos Jansen report of 2,181 t of Gold consumed in China in 1213 and the coming shortage of physical Gold.
McEwen Mining is breaking out to the upside above CAD3.0 and will take, hopefully, TNR Gold with it to the more appropriate valuations.
Gold is trading higher today at high $1287 in Asia after breaching $1270 level. The Mother Of Short Squeeze has finally arrived in the Gold market and Janet Yellen testimony today will provide the catalyst."