Art Cashin Warns Of Potential Massive Short Covering In Gold

kingworldnews.com / July 12, 2013
Today 50-year veteran Art Cashin warned King World News that if the gold market holds its recent lows we may see a massive upside spike in gold because of panicked short covering.  Cashin, Director of Floor Operations at UBS ($650 billion under management), also warned that the Fed’s position is becoming increasingly desperate.

Eric King:  “What about the gold market?  We are seeing record short positions by hedge funds and the public.  What could this mean for the gold market going forward, Art?”

Cashin:  “It could be dramatic.  You’ve got a couple of things going on:  You saw what is called a ‘backwardation’ in the gold futures.  That has occurred, don’t hold me to this, but I think about four times over the last 10 years or so, and it’s usually been at or around a bottom in gold.
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