London Trader - Expect Gold & Silver Spike From Short Covering

kingworldnews.com

With gold hitting new all-time highs and silver climbing back towards the mid $40s, a trader out of London told King World News today, “The action is very positive. If there is a pit (Comex) close above $1,680, gold will race to $1,705 because of all of the buy stops above $1,680. There are a tremendous number of shorts in the gold market and a significant number of them will capitulate and close out their shorts above that level.”

London Trader continues:

“The same guys who are shorting gold have been shorting silver and if we get the covering in gold above $1,680, silver should move $2.50 higher on short covering as well, which at that time should be roughly the $45 level.