--Jimmy Morris (The Rookie)
Premature for sure, but gold may be tracing a reverse head and shoulders pattern dating to the late summer meltdown last year.
Work on the right shoulder could have commenced with last week's mini 'flash crash.'
Should such a pattern be in play, and should the right shoulder seek 'symmetry' with the left shoulder, then gold could melt another $100 or so from here into the $1600ish level.
After a long abstinence, am warming to the miners for playing the gold trade. Part of this shift relates to the re-hypothecation issues possible w/ the precious metal ETFs. With the miners, property rights are better established. Have established small positions in GDX and NEM, and am awaiting further developments.
position in gold, GDX, NEM
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The spectacle of a great, solvent government paying a fictitious price for gold it did not want and did not need and doing it on purpose to debase the value of its own paper currency was one to astonish the world.
~Garet Garrett
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