For all the talk of gold topping etc. None of my colleagues, who are professionals own any gold shares other than NCM and LGL in a super fund. Nil are holding gold bullion. They know gold is going up, but are all of the opinion that it has risen to far to represnt value. This is not the behaviour you see at the top of a bull market. This would typically be associated with a stage 1/2 advance as gold climbs the wall of worry. Also I have noted any rally in gold shares sold into rapidly. Many prepared to take quick profit, very skittish trading again wall of worry type behaviour.
