Parrot
I agree wholeheartedly, but what we are seeing is capitulation. There is very little belief in the market that gold stocks will ever move up. It is a bottom if ever I have seen one, and the only way to go is up.
Believe it or not the entire gold sector across the world has been manipulated, for what seems like an eternity. All to try and maintain confidence in the US dollar.
The following post from poster 'adwebster' on Hot Copper on June 10 summarises the situation beautifully. I hope he doesn't mind me re-posting here.
Manipulation of Gold bullion and major gold mining company shares (yes even Oz producers) by the US Fed and its cartel of investment banks. In manipulating bullion and the major it automatically makes the juniors unattractive.
Gold is in direct competition with US dollar denominated investments (Dollar, treasuries etc). Bear in mind these people are effectively modern day alchemists. They cant turn anything into gold, so they do the next best thing. Diminish the attractiveness of gold while at the same time putting ink on paper and hey presto you can use it to buy real goods in whatever quantity you wish.
Imagine that, being able to make an infinite amount of something at your complete will and then being able to exchange it with anyone for anything you desired. You wouldn't give up your ability to do that in a hurry, would you? Hence gold must be 'managed' as much as possible to best suit the elitists desires.
Hanky Panky Paulson even confirmed as such last night when he commented that 'intervention is never off the table'. Well he's certainly proven that in the precious metal markets over the last 3 months.
The gold shares will have their day, and I'm just speculating here, but when the cartel lose control of the market (which will happen at some point in time), gold will act like a beachball held under the water at the beach. Once the pressure being exerted downwards is no longer, it will explodes through the surface and head northwards.....
I thoroughly agree with 'adwebster' and gold stocks will attract strong attention in the not too distant future. IMHO, stocks like IGR will be amongst the first to take off.
Cheers
nev
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