RE:Something's up with gold
@Shatner
I think your are reading too much into it. Yes, I agree with you that EDV is by far the best gold miner to hold in terms of value.
However, EDV has Q2 earnings coming in a couple of weeks. This to me is highly likely an act of "shake the tree well" before the next move upwards.
Looking at the crosses, it is obvious that a lot of big volume trades were happening in the same house (BMO, TD, Instinet).
Gold has been taken down purely because of Options expiry tomorrow and then it is also the end of the month. All the news today was bullish for Gold. Now you know that news has nothing to do with gold moves. It is the Options (Derivatives) market driving the price of Gold. Kinda like "tail wagging the dog".
In case of Argentina's default, I believe MMs have stocks, other than EDV, to sell :-). Consider the scenario, If Agrentina defaults, how will Gold react to it. But Gold needs to wait till beginning of next month to show its true move.
Someone mentioned about the plane that crashed in Nothern Mali. That was an accident due to bad weather and has already been reported by the mainstream media.
I liked the action at the end of the day today. Somebody (or a group) is desperately trying to scoop as many shares as possible while at the same time keeping a lid on the price and playing the technical chart very nicely.
I see this going to .81 tomorrow and even .75 by the end of this month. The shaking has to be more violent than what was on display today. Chart is setting up for a nice move up towards $1.12 and higher on the monthly.
BTW... Goldman Sachs revised their Gold Price target upwards from $1050 to $1200 for 2014.
LOL !!