gold price, page-6

I am stunned at the speed of the fall in the POG - $90 in just a few hours. My range for the expected POG this year is $1400-1800, so the current POG does not surprise me. Due to the speed of the fall there will be panic again in the goldie space. Fundies will contribute to the panic because they will need to free up funds to meet a lot more investors wanting their money out. The shorters are now well positioned to keep up the pressure and push goldies down even more. This is a repeating pattern.

SLR's recent low to $1.63 is likely to be broken next week. I am not sure how low it will go, but it would not surprise me to see $1.45 at some stage. The AUD price POG is now only 1405, which provides a profit margin of around only $200/ounce in my rough estimates of full costs.

GLA

loki (still a holder of some goldies which will also "reward" me appropriately next week.)