"The physical buyers still have not been filled and they are getting nervous. The buyers in size have not been filled and they are underpinning this gold market. If gold pulls back the buyers will get some fills, if not they are going to have to start chasing this market. In fact, don't be surprised to see a $100 move in gold if they lose patience."

When asked about shorts who have been badly mauled he responded, "Well what's happened with the shorts that were in there is they were absolutely crushed on that overnight rise on Monday. There were some margin calls on some serious players. There were some anguished faces on Monday.

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