RE: RE: Bought in todayI bought more at $7.10 and raised my average.
I believe that there were more shares covered yesterday. One third of the volume were block trades through the same house, Clarus. They have been active on the buy side recently. Most of the last batch of shorts that jumped in did so at around the current selling price. Quite a number should be under water now unless they have covered.
Should be some pretty firm buying for the next few weeks. Gold is going to stay strong. First bubble was supposed to burst at $1200. It didn't and it goes to show that the support for Gold is now for a currency hedge. The drops will now be considered buying opportunities for those holding for hedge purposes.
There may be a few disturbances along the way including the debt cieling being lifted in the US. The immediate euphoria will peter out once they figure out that they continue to spend far more than they bring in.
Low cost producers are going to clean up for the next two quarters.
Wes