Richard:
I was very impressed with gold's action today, being down a good part
of the day, at least several dollars, to wind up positive by $1.30
or so, on the NY June contract.
This was very important, for gold needs to hold in here, and not
deteriorate further, if this move is going to have any significance,
other than a blip up, such as a meaningful countertrend rally.
I am also impressed with the fact that stocks like Barrick have
held their gains for the most part, holding above their 200 day
moving averages, in face of the obvious fear of the gold bugs,
doubting this rally, again. This suggests to me that the
money going into these expects gold to move back up, which seems
like a reasonable expectation.
Also, we may have seen a washout on silver, today.
Regards
Dan |
