If, what Oz Equities has just flashed proves correct, then I would hate to be in gold (or gold stocks), tomorrow. But, then again, I haven't been in gold since selling out of SBM (low 20s), DIO (~13s), NDY (just pre-takeover), and OMl (takeover).
From Oz Equities @3:14: *Warning on short term gold price! While the gold price is seen as on a long term rising trajectory on fundamentals and as a store of value, it will be recalled the hedge funds were seen as buying physical gold (futures contracts) and selling leading gold equities against them, a strategy that was said to be intended to be reversed at $US382. That level has now passed, the World Gold Council said last night gold is extremely over bought, and the hedge funds may be waiting for a trigger - perhaps tonight on Colin Powers speech to the UN to reverse. Regards,
