price not seen since march 1981!!, page-8

The market action the last 2-3 weeks has been telling, initially we had the spike to $540. Typically this would presage a correction back to the vicinity of golds 200 day MA. Instead we had a relatively shallow correction to $493 then a brief consolidation then a spike to $535 approx. Typically spikes as per this week to $535 tends to be a false move up as commercials trigger stop buy orders, before throwing short. So the take home message is that the underlying character (re: increased demand) of the gold market has changed dips are now being bought, and the commercial shorts who are sitting on billions worth of underwater short contracts are finding it more difficult to manipulate the market.