chart, page-15

patterns are repeating - this time last year there was blood on the floor and this year is no different EXCEPT

check out the GOFO rate this year compared to the same time last year. GOFO is higher than this time last year, indicating a comparatively stronger mood towards gold going forward. Gold Lease rate (LIBOR - GOFO) supports this (LIBOR largely unchanged from this time last year).

I expect a sharp selloff to 1300 USD to coincide with options expiry for February (ides of February???). that will coincide with support (rising channel). From there will be a continued move up not unlike the same period last year (through to June).

I'm loving this trend. No stress in my life! I'm buying a few ounces in mid February for sure.

GC