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Gold/Silver Slam Underway – Nick Santiago 2-4-2021 #201
1. This morning, the major stock indexes are trading higher to start the day. Earlier before the open, the weekly initial claims report was released. It came in at 779K new initial claims. This number is definitely a bit better than what we have seen recently. Last week, the initial claims report was 812K, so there is some improvement being made. As the short squeeze stocks come back down to earth, Wall Street rejoices. BLS number is out tomorrow. The damage is done, the exodus is well underway. People are fleeing to Florida, TX, TN, etc.
2. Short squeeze port mortem. Institutions followed the Redditors. You need billions of move markets the way they moved. Reddit got it started and the institutions hopped on board. They smelled blood in the water and knew the short funds would have to jump back and buy the shares. The world’s larges arena. Hedge funds are going to be more careful in the future. They’ll still be shorting, but naked shorting may go away. Everything goes parabolic and then crashes. Not a sustainable pattern.
3. Precious metals are getting slammed lower today. Gold futures (GC) is now trading at $1790/ounce breaking below the psychological $1900 level. I’ve been saying that it would get down to the $1700 for several months now, so this is really just doing what the charts said it would do. So much for the #silversqueez. This has to take place. The bigger pattern is unfolding now. It’s a natural retrace. Nick’s getting eager to start buying metals.