Last time we were down toward these levels, admittedly not that long ago, gold didn't even touch $1180 support & it bounced $70. We now have US equity markets closing in on record levels, again & everyone is talking doom & gloom for gold & the Chinese & Indians are lapping it up.
So I think we have a rinse & repeat.
US equities again correct like they have been doing for the last 4 months & gold bounces, but not before the Chinese & Indians have a fair lick at the cheap gold on offer.
As soon as everyone starts to jump up & down on gold's grave I start to get excited.
Went long gold equities yesterday & caught a good bounce & should have cashed in to be back in on today's fall, however give it a week or two & I think they & gold will be a lot higher again.
May pick up some more this arvo if we see some Friday arvo selling.
