Nightly Commentary - May 31, 2013

Certainly an interesting in the markets today. Taking a look at the HUI index, it looks like the trade today was to sell the dollar and buy gold stocks. It will be interesting to see how we end the month. It looks like the gold stocks may have potentially bottomed. 

Investors are currently very bullish on the US economy which means people are buying the dollar. However, the day had a big reversal. 

Gold was up 22.50 today and still has a long way to go. The trade as mentioned, seemed to be selling the dollar and buying gold and gold mining stocks. 

One other thing to note is that the COMEX short positions for gold is incredibly high. There could be some short covering coming in soon which will be quite a move if this were to happen. It will be very important to see how gold ends but it did break through $1400 and now we are at some key levels. Tomorrow will definitely be interesting to see how the month ends.