An Interesting Week so far
We get the false-alarm jitters of a few hundred million default in China somehow slowing the firehose of trillions out of the FED and US Treasury to start, but gold holds its own.
Then we get very mild assurances from the FED no need to have a taper tantrum we won't let you down too hard. Gold just swoons even though you might think the fear of inflation (which is a traditional pre-driver for a gold rally) might take hold when rates are stiull near rock-bottom and core inflation is shooting past FED targets (even if they protest it is merely 'transitory'. It has a late '70's smell about it, you know that un mistakeable stagflation stench seems to be building?
Anyway, somebody wants more ETG in their portfolio and up we go over four trading sessions quite nicely. Would not be surpised to see SSL nibbling some more.
The silence out of UB also a good sign the parties most concerned with Phase 1 undercutting and making nice are working things out in their own laborious fashion. Without trying to create waves with the public markets.
Nice finish today.
cg