Hi Lockitt
Well, selling out was a safe move I suspect ... but I have to say that Gold is behaving quite differently at the moment. Normally when we get a take-down the price continues going down ... it's just not happening now (we're right back at $980 as I write this ... $960 at 10pm last night).
Jim Willie (Golden Jackass) is saying that there are COMEX hitmen that have been seconded to break the COMEX completely (suspicion is that they are Russian backed). Lord knows the Russians have all the reasons in the world to stick it to the Yanks (Oil wars in days past). Perhaps this is why the Cartel raids are not succeeding at the moment.
Having said this, the Gold market is TINY (in comparison to other markets) and relatively easy to influence at minimal cost (once again, in comparison), so who knows who will win this battle. Coupled with this is the fact that the whole financial system is rotten to the core, so it's anyones guess as to how this will play out.
My feeling is that there will NOT be a big take-down. I think there will be efforts to contain the price, but not to smash it down ... I don't think there is enough ammunition left to do this. I don't even smell a major correction (maybe $50 at best).
As far as CTO is concerned, I feel that we have bottomed. As long as they meet or beat the published predictions for the June Qtr onwards, I can only see upside. But that is the big IF ... if they stuff up, then we're toast.
For me, I can't see ANY sensible alternative to physical Au/Ag and related Stocks ... I'm in and expect that (at worst) I'll preserve my stake. I pulled my money out of Super 2 years ago and stuffed it into Cash ... I smelled a rotten egg then and I'm still smelling it now ... the carnival games can only continue for so long before reality hits home (I read today that each US household is over $500,000 in DEBT to bail out the US deficit ... hey what!).
Good luck to all of you in these difficult times.
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