Still A Gold Bull MarketCan't forget about the market today. Very interesting divergence between the XAU & HUI indices cokpared to the Toronto Gold Index which is lagging considerably.
My interpretation is that the Major Mining share run up was fueled by institutional American money, and Canada which is in better financial shape didn't draw the same interest in Gold issues.
Silver which typically lags in the earlier stages of an advance broke out convincingly to a multi year high and has fallen back into the base. Toward the end of the Bull run, it should be stronger than Gold.
Bull markets in mining stocks don't end this way. The indicators were overbought, but perhaps not to the extremes of May 2006. It does appear to be a temporary violent correction. Looking for support on the XAU Index at 158 - 160. The decline should stop there. Fingers crossed.