We have a very nice surprise at yesterday opening of Asian markets, with Pm’s solidly higher. First trigger was the economic data out of Japan missing the forecast for a full 1%. China is also posed to become the #1 gold consumer in 2013, taking India first place with a staggering 60% of world gold output between import and domestic production! Year over year China is consuming 54% more gold! That , along with a robust short covering is projecting the metals above key resistance prices. Gold is flirting with the major 1350$ level, silver is already over 21$, will be very interesting to see if these levels will be confirmed at closing and during the rest of this week that has very little new important data on the menu. The US$ index is also rebounding and the fact that metals are up so much even with a strong dollar is a double plus. The shot to 25$ silver is not that far if the impulse is confirmed due to the little resistance in between prices. Also the scenario of a short squeeze is slowly taking place for the metals. I was very optimistic for the re-ignition of this bull market in the period between September-December, we are very close and this could be it!
Keep watching, sharing and, don’t forget, STACKING!
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