bottom!, page-49

dwuuuu

GDXJ up almost 6% last night, GDX up over 2.5%.

I think SLR (and many other goldies) will get a bounce today.

I have been expecting a bounce in the POG to around USD1320, but so far the POG has not really moved much if at all. The POG is back at USD1290 where it has been very recently.

After the bounce there will be another slow grind down. At best we are in a sidewise moving market. I doubt this can just go on for another 3 months into gold's seasonal low point without a steeper decline happening at some point.

The quarterly report will give us more of a look into how SLR is traveling at Mt Monger and how much the Murch is still draining them - the Murch induced pain ends in June (except for smallish C&M outlays).

loki