daytrading august 3 morning, page-26

Gold jumped $30/oz overnight - the market obviously doesn't like the US debt situation. My favourite miner/producer Saracen (SAR) put out an upgrade report recently, so I'm looking to add to my holding.

Interesting market depth this morning - a million-share buy order has been sitting at 0.595, mopping up any weak hands. From past observations, orders for SAR are usually genuine, so I'm going to be watching this closely throughout the day. Before the open, I told a colleague that I expect to see SAR hit mid 60s by the end of the week, and if the POG can stay at record highs (the Asian market will be a good supportive indicator) then 70c is not unreasonable some time next week.

SAR can certainly be day-traded for a few cents though.