Primaus........read my last missive. There's a serious disconnect between bullion prices and unhedged gold shares which makes calling the market damn near impossible!
The US rate cut is factored into the market already so your concern should be this disconnect or, god forbid, the rate cut NOT happening. If the rate cut doesn't happen, I'll be buying Lihir at $3.50.
Lastly, where's the US dollar going? It's over 76 on the index and a few pundits think it might touch 78/79 before its relentless dive downwards.
The gold market is short term bearish. Hell, gold can't even hold $800 for more than a day! There's big resistance at $772 so that might end up being the bottom.....but who knows?
I'm not taking fresh positions in this market until I see a trend.....a positive trend.
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