Managed Money Shorts Gold/Silver Update

I was forecasting a short squeeze last week when managed shorts were topping out. Looks like silver started to initiate one this week as shorts started to come down.

 

Gold is still lagging, but I suspect a short squeeze in gold is imminent. $1250/ounce is our target next week. Silver is leading gold here.

Note how beautifully correlated the large commercials are with the managed money short positions.