just in in-tray, and i do not want to be caught missing out on 'being impressed' without certificates to unload so that cost basis of physical, now at 404, can be brought to zero or, better, below zero
it does look short term oversold, and i've noticed that anecdotally (looking at gold bug forums), the mood is subdued...very little bravado. so we should get a bounce of some sort from that combination...besides, as a general remark, when a market has broken through a 29 year old nominal high and is finally beginning to move away from that level with some gusto, then the resulting move tends to ultimately become quite big (examples: Dow breaking 1000, crude oil breaking 40, copper breaking 1,50, etc.).
so whatever happens very near term, there has to be something more impressive at some point not too far away.
sovereign default is in the air so to speak, but if one looks at the euro-area periphery, this is not much fdifferent - in fact it looks a tad better - than the looming trouble in various US states. they're just as broke if not more so.
the conceptual difference that the market applies lies in the fact that euro-area members are sovereign nation states in their own right, which implies that they could break away from the currency union at some point. this is not necessarily a disadvantage. i would argue that this would strengthen the euro because the remaining core members would by definition be stronger.
of course - it isn't going to happen anyway. before the EU sees Greece of Ireland abandon the euro we will see a great many bail-out bandages applied.
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