*** gold helps unhedged gold stocks to rally ***

*** Gold helps unhedged gold stocks to rally ***

Dan (the Man) Norcini says...

Dow Jones reports that Juan Ignacio Basco, the head of Argentina's central bank's market operations, was quoted as saying the institution "may increase gold reserves as a hedge against any potential inflation and international financial crises.”

As it now stands, Argentina is reported to hold 3% of its reserves in gold. Obviously, any time we see reports of Central Bank gold buying, that has to unnerve shorts.

Gold continues to show excellent strength and appears to be attempting to consolidate here in an attempt to take on resistance just above the $455 level in December which COT is desperately trying to prevent.

Euro Gold was PM fixed at €364.998, a multi-year high, eclipsing the former peak made on June 24 of this year. Euro gold continues to look very strong on the price charts and it appears that our European friends should be quite pleased with its performance these past few months.

All of the majors were up against the dollar on the day with the exception of the Canadian Dollar. :graduated: