Gold-Very Hard fought day...Gold still wins... That $1600 level was really hard fought today in all cash, and futures Gold...on the tech side, that $1600.00 level was not breached in any way, closing 1$ or above that on cash, and $4 above in Dec. futures...Gold is now UP to $1604.00 in cash so far tonite...
The US$ is still paying lip service to the "easing", but my feeling is they are waiting for tomorrow when the ECB will announce their "easing"so as not to upset the US$...Easing by both US$ and Euro is badly needed, even if its just in appearance...markets are spooked out for numerous reasons, but one of the strangest is the comments made by.. the bond Guru, who was quoted as saying the stock market today, is nothing more than a "ponzy scheme"...It looks obvious that the US$ fed will do everything and anything possible to keep this economy going...which of course is very good news for Gold...
I did notice today, despite the large drop in Gold, that some of the Gold Jrs were rather actiive, some large volumes and up mostly...like EAG and many others...I'm guessing that failure to break down thru $1600, Gold and Gold Jr. Explorers will/should head higher from here...many of these explorers are awaiting news on their current drill programs, and wouldn't that be a really nice surprise right around this time....
lets see what the ECB does tomorrow...
Mellow