Gold Shorts Cover At Fastest Pace In 13 Years Submitted by Tyler Durden on 08/12/2013 08:36 -0400 Gold shorts covered an enormous 23,518 futures contracts last week - the equivalent of 2,351,800 ounces of gold. With JPMorgan appearing to be calling everyone ( here and here ) to get their hands on gold to deliver, it seems our concerns over a short-squeeze are starting to solidify . The last time shorts collapsed at this fast a rate was in the 1999/2000 period which saw a considerable 33% squeeze ramp in gold prices over the space of 3 weeks in the fall of 1999 . Notably, the gold short position still remains huge compared to historical values - having fallen back only to the previous all-time record high levels (i.e. plenty of room for moar squeeze). In addition to this surge in covering, Gold ETFs saw their first inflows in 2 months . as Gold ETFs saw their first inflows in 2 months... and the last time we saw shorts cover this size, prices surged... Charts: Bloomberg Average: 4.82353 Your rating: None Average: 4.8 ( 17 votes)