I think there's a good chance that we're seeing a change in the...

I think there's a good chance that we're seeing a change in the perception of gold and that the "limit' on the percieved upside could simply be that it's easier to believe that we're still in the "old normal".

In the "old normal" it could be a good idea to short NCM at $37+ wit tht ereasonable expeectation that it would regularly drop $2-3(not that I ever have).

Maybe we're starting to see is that the "old normal" doesn't apply so well. Raises the risks for shorting.

And longer term ... nothing IMO factored in yet for the O'Callaghans tungsten that's being "fast tracked" with 10 rigs working 24/7 as of September. Guess at some stage we'll see Inferred JORC upgraded to Indicated. September announcement suggested output likely to be ~7% of global and > any other tungsten mine operating in 2008.

http://www.asx.com.au/asxpdf/20090918/pdf/31ksnmxrlzythp.pdf