Good work rabbitoh, NCM was not one of my performers it was only coming back. I had gone underweight however which was a blessing. I sold half Friday and will re-enter cheaper and gradually repair the position.
KnuckleSandwich - claytons QE yes true I agree. ECB too but ECB is a different position. Germany is now stuck no matter which door they choose they lose. They should have run when Greece was first identified - hence the saying the first loss is usually the best loss.
Capital has flowed out of Spain to Germany - into the ECB which then directed it straight back to Spain and now Germany is in that loop by default. Bail out by the back door as the ECB is charged to maintain stability. Something has to give and it will not be pretty. Who bails out those trillions?
US will be interesting - QE or not is a great question. Possibly they leave the door open to stop a crash, more talk? Leaving rates below real inflation is good for gold anyway, negative rates. Unfortunately I believe fear will drive the next gold run, and look to Europe as the source. Seasonal factors add to the bullishness.
This is more of my view if you have interest: http://news.goldseek.com/GoldSeek/1346074665.php
