finally ready to blast higher, page-59

What fascinates me are the swings in sentiment.

The HUI is where it was in late 2007 when gold was $780-800.

Oil back then was $90-100 and now $76.

The gold:oil ratio has risen from ~8 to ~15.

In other words, producer margins and project economics have improved considerably.

But Market Vane sentiment for bullion is much less now than it was then.

Sentiment is even worse for the gold stocks, with pathetically low HUI:gold and XAU:gold ratios.

Rowingboat