Newmont mining in the last 2 days has dropped no more than 4%...

Newmont mining in the last 2 days has dropped no more than 4% which I think is telling. - The overbought technical nature of gold+ 2 margin increases plus a margin increase on the Shangai exchange plus a comex futures expirey 25/8 and the recent direction in gold is obvious. Another theory is if a further round of QE is announced this Friday or a hint that it is at least under further consideration then best for gold to rally from $1750 not $1900.....

It will be interesting to watch how much NCM reacts today - I think we will close north of $39.50 , then onward and upward tomorrow and the rest of next week. NCM stilll receiving $300+ for its gold over and above the average price received last year - still remains significantly underowned relative to the gold price - the gold price would have to collapse to $1200 for my opinion to change.