It doesn't tell what the contracts are though (as far as I can see) - so no real conclusion can be drawn as to what the nature of the positions are - could be non-commercials getting longer sniffing out $990 for eg.
Also have to agree with HBJ does need some fundamental news to trigger the price down - but Treasuries are a battle ground and next week will be interesting....
Nothing wrong with holding PM stocks - market climate is somewhat more risk tolerant atm. I don't pay much notice to LGL and NCM personally - I leave them for the sheeple atm - I think the Junior producers tell a different story.
Quite some use of emotive language with regards to the AUD Gold connection though eg "plummets".... I think we will see AUD POG Like others not sure that we could see Gold going down further than $900US - unless some deleveraging incident coincides. Market is either gold currency or gold/inflation and some gold/deflation hedge and less driven by jewelery demand fundamentals. FA being the floor to the POG IMO.
Now we have triangles - from H&S to cup and handles over alot of the market - boy TA does the rounds......
BTW noticed HSBC has upped their target for Gold from $875US to $925 - bit late in the year but hey - banks and analysts huh?! Pffft
Nevertheless both Gold and the USD could trade in a range for some time yet. I go along with Faber's prediction of S&P trading b/w 970 to 1020. If it goes above 1000 then we could well see another spurt of buying and more fuel to the "inflation" fire and therefore Gold going UP....and over $100US - just some thoughts.
$1000US is only a psychological level for the US - "nothing to fear but fear itself". The gold fire flame burns and slowly melts the fear for the final gold pour. Not "IF" but "WHEN". Market is warming to the idea :)
