Chuckey you could add to this that virtually every day since the...

Chuckey you could add to this that virtually every day since the beginning of July the high is made before 11am then sell off throughout the day , with particularly aggresive shorting tactics throughout the lunch time period.

However the risk now clearly favours the long side - as I mentioned earlier 28/9 a comex futures expirey , so gold was always going to be under pressure this week.

Benny B yesterday suggested the Fed is on the lookout for deflation and inflation and inflationary expectations will be closely monitered - I read this to mean we will have a new round of QE to ward of deflation , however not a snowballs chance in hell it will be launched with the biggest inflationary barometer ( gold ) sitting at $1900.

The market is being slowly "conditioned" to $2k gold - therefore a slow and steady run up in gold from current levels to $2k by the end of the year would not be considered un orderley.

Next year we need to be doing our NCM earnings assumptions on an average price of $2k - NCM currently trading to a gold price somewhere between $1000 - $1100.