The cartel (lead by JP Morgan) is caught in a 180,000 contract short squeeze that started at the Brexit vote. They did not expect the “leave” vote to win. They bet the other way.
Their gold contracts are in a “naked short” position at the COMEX. It gets worse. They also shorted silver.
The cartel appears to be powerless to stop the price rise of either precious metal.
At these numbers, they are bleeding money like a stuck pig. And it gets worse with each passing hour.
They will have to cover their short positions. This means that they will have to buy the PMs at whatever price the market sets.
That will drive the price up even more.
They are NOT happy.
JP Morgen, you choose poorly.
How do you know all this? And, do you have any feeling about how much these guys will be hurt?
Dude? A contract is a contact. If your nefarious cartel (lead by JP Morgan) made a bad bet, they already know. They are not “bleeding money like a stuck pig.”