Gold stock sentiment indicator. Everyone hanging off the Fed minutes where they apparently are bringing forward unwinding bond purchases given the right conditions. The usual jawboning the markets without doing anything. Meanwhile the A$POG is looking fine and close to the highest price since March. Obviously $2,470 looks like resistance and with luck will be taken out tonight. Bit frustrating that our market holds in thrall the USD price of gold which is irrelevant to increasing local producer margins as the AUD continues to slide. . . The spike lower was not confined to the GDX and GDXJ. The XGD spiked lower to March levels though recovered by the close. Interesting given the AUD gold price is up more than 10% since then. The fear created by the recent attack on gold is apparent in posts and producer prices reflect buyer sentiment. The sentiment indicator reflects the divergence between gold and gold stock prices. .
