Gold shorts have had a tough few trading days since the release of NFP's, with gold continuing its winning streak overnight, trading as high as USD $1269...

Jordan Eliseo
Jordan Eliseo ABC Bullion

Gold shorts have had a tough few trading days since the release of NFP's, with gold continuing its winning streak overnight, trading as high as USD $1269 before settling above USD $1260. Silver caught a bid too, trading just shy of USD $20.50. A mix of good, bad and ugly industrial production out of Europe overnight and a rise in wholesale inventories in the US were the only data points of note, with shorts continuing to cover after the strong set of US data last week wasn't enough to push gold through the critical USD $1200 barrier. Whether this is just a short term bounce for bullion, or the start of a pronounced move higher is still open to question, especially with the Fed meeting next week, but the Godfather of the investing industry, Richard Russell, is certainly warming to gold. Incredible read attached for those with 2mins to spare (VIEW LINK)

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