Gold Celebrates America's Three Month Can Kicking, Soars

Remember that persistent seller of epic and oddly periodic amounts of gold futures contracts, whose dumps have resulted in two NYMEX "stop logic" shutdowns in the past month alone, and whose daily tape bombing is now watched carefully by all (even the CFTC's Bart Chilton who can rejoice - the CFTC is now open and he can go back to "supervising" the market and stuff)? Well, he is mysteriously absent this morning, as gold (which is now back in backwardation for the second day in a row) soars by $50 from $1275 to $1320 in the matter of minutes, showing just how furious the short covering spreed in the gold space can and will be when it becomes clear just how right Dagong was. The next such instance of clarity we expect will take place in December, early January when the farce repeats itself.