ELD has made it's run...for nowI do not think ELD will push above $8.80 - $9.00 for two reasons. First ELD has outperformed it;s peers and played catchup. Two, the price of gold must rise above $900 and stay there for a couple of days. But this is only June, and there is bound to be a big pull back before the end of the summer. Just look at the juniors, they have been largely ignored, and I would wager there are some short term profits elsewhere. I trimmed ELD and bought KCL...did quite well. Just looking for the right time to load up again.
Upside is the fear of inflation jitters! In Canada we have been largely insulated from it. But in ROW (read BRIC) it is running 10%-15%. Gold buying season is just around the corner. Sit tight and let it play out. Buy on the dips.
Did find it interesting that Barrick wanted to float a large debt issue and raise some capital. Since they have a hedge to offset their new mines in South America...I wounder what they would want to buy without diluting their share structure.....
Cheers!
CJ