Today should be good for ELD , here's why The canadian market was closed yesterday, the first type of shorts, the speculators are leaving and they left the US market, the canadian one in today and a few will continue leaving
However the second types of shorts are rearranging things. It is a bit more difficult to figure those guys out.These are the institutional guys that short and buy at the same time. For example they short ELD against the gold index etf they purchase simultanuously (or a stock like Agnico). This is hedging.The bet is that if ELD goes down in % the other gold shares will go down by less % wise - so they win on the difference if equal amounts are invested. Those guys are always around but they can also buy ELD and short other gold stocks simultaneously too
for the same amount of money but we are not there yet because of Greece.
The JOLTS jobs news coming out at 10 will have little influence and there was no raid on gold prices last night .
I dont buy at the opening on days like this because of the complicated catch up of the canadian market with the US market, I just enjoy the slow increase that will occur today....the Americans usually start at this time 7-8:30 am to play with gold prices but they are pretty much equal supply and demand today so far, US dollar is down .13 , so unless the 10 am JOLTS report is really bad the US dollar should stay negative and that is good for gold