It seems the crossing of the Maginot 100-day moving average [4] combined with Jackson Hole chatter [5] and the dismal new home sales data [6] has set the precious metals ablaze once again. For the first time since early June, gold has crossed the psychological $1,400 level (up 18.5% from its 6/18 lows). We suspect the still-unprecedented short-interest in COMEX gold futures may well be feeling more heat here (having fallen 40% in the last 5 weeks)...
While COMEX Gold has fallen over 40% from its highs, it remains at pretty much all-time historical highs of the last 20 years...
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Charts: Bloomberg