vulnerable here, page-4

Hello Chuck,

I would say the GOLD/USD ratio is at the top of its bull market channel while the gold shares as represented by the HUI/gold ratio look a dangerous play here as they have been in a bearish rising wedge for years now, however you cut it the risk reward ratio favors stepping aside here. Interesting to note the HUI/gold ratio has again failed to make a new high it actually peaked in late 2003 meaning the famous leverage offered by the gold shares and so talked about by the gold newsletter crowd has not eventuated for over 4 years now.