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I would agree with your caution though Wack. Gold is weak and could go lower still even though I don't see any good fundamental reason to back that up. Gold is testing support this afternoon.
I haven't touched any of the producers in quite a few months and I'm still not keen on them. I still think most are on the expensive side despite heavy corrections and they will only look more expensive if POG does move lower. Gold will need to move a lot higher before I would see any value in the producers but of course if gold did move much higher, so too would the producers. It's hard to get good value buys on those except in very bearish times. Not hard to find good value in the developers though, but you do need to find the right ones to reduce risk of things not working out.