usd has bottomed, page-66

Saville is about as bullish as they get when it comes to gold.

If you want to tie up your money for another 12 months stay in gold stocks...I prefer the million and one other money making opportunities that are coming up.

As I have been saying of late,sentiment is all wrong for gold.

Here is a snippet from his latest report...you need to subscribe to read the rest.

Gold

Gold has spent the past few months aimlessly 'chopping' back and forth within a narrowing range. At the same time, last week's new 12-month high in the speculative net-long position in COMEX gold futures and the high bullish percentage reported by Market Vane's survey of gold traders indicate that sentiment in the gold market is very optimistic. Further to the discussion included earlier in today's report, stubborn optimism in the face of so-so price action is a sentiment mismatch with bearish implications.

We suspect that one of the reasons for the resilient optimism in the gold market is the bullish pattern evident on the following weekly gold chart. There's a high probability that this pattern will lead to a major rally, but there is no telling WHEN. We've been saying, over the past few months, that September-2009 is the earliest that an upside breakout is likely to occur. It is still possible that the breakout will occur in September, but it is also possible that it will take the gold market another 6-12 months to complete its consolidation, and that it will re-visit $850 or even $800 in the interim. In fact, an argument could be made that the time it takes for gold to complete its consolidation will be the time it takes for many of today's bulls to 'throw in the towel'.