Weak ADP report sends Gold to breakout above $1270 this morning with high of $1275 now - the close above $1270 will start the major short squeeze fireworks. We can expect more talks on Taper pause and this "must buy correction" in the general markets is getting uglier with every slide lower.
ZeroHedge:
ZeroHedge:
ADP Plunges In January To 175K; Biggest Miss Since August; December Revised Lower: "Cold, Storms" Blamed
Chinese Gold Rush Heating Up MUX, TNR.v, GDX, GLD, ABX, RGLD, GG
"We have another very important confirmation of the strong demand from China for physical Gold in 2014. With today's move above $1265 Gold needs to clear $1270 for the clean break out and massive short squeeze."Rob McEwen: Will Gold Soar on the Dow Drop? MUX, TNR.v, GDX, GLD, SLV
"Rob McEwen is in demand now about his views on Gold with equity bubble being challenged last few days. Market manipulations can not be run forever and reality will be settling in at some point. This time can be very close now with Durable Goods report out at - 4.3% (!) in December vs 2.6% in November. Last Jobs Number disaster can be not so "out of range' now as the bubble Media would like us all to think. Gold is at the very important juncture now and decisive move above $1270 will create the short covering fireworks."Gold Jumps As Mother Of Short Squeeze Arrives TNR.v, MUX, GDX, GLD
"Gold jumps today more than 2% and is up now $28 to $1265 level. The real fireworks will be started after Gold cuts through $1270. Few news appear to be behind the move: another set of rumours of relaxing Gold import policy in India, bad economic data from China with PMI below 50 and pumped rumours in the western press about coming default in one of the shadow banking system products. US markets are sharply down today on Jobless claims and dismal Existing Homes Sales.
But the real story is US Dollar which is almost in a free fall and is crossing 80.60 level to the downside. This time we have the normal correlation and falling US Dollar is sending Gold to confirm its break out from 2013 Double Bottom at $1180."
There Is No German Gold Left At The New York FED GLD, MUX, TNR.v, GDX
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