RE:RE:BIG INSIDER SELLINGIt is so hard these days isn't it.
You pump a good stock up, take away the pump and down it comes on virtually no volume.
Well, looks like I got it about right last Friday calling for a roughly flat week in gold (check the gold price in Renminbi
Rolling Week on Week Comparisons of Shanghai Gold Exchange Premiums:
source
The Kitco survey was bearish last week and as usual they are a good contrary indicator.
Kitco Weekly Gold Survey - the cotnrary indicator
So my call for the coming week is another week of sideways trading with small change POG, less than 2 renminbi / gram.
Why am I looking at renminbi / gram you ask? Well, China has been and continues to buy gold in quantities roughly equal to world annual produciton so the China market is setting the POG IMO.
The Stats on Shanghai Gold Exchange Physical Gold Deliveries from vaults year to date
Of course it is true that POG is still being driven by paper gold (ala the BBoS spreadsheet models) but those days are numbers. I mean, really how many sharts does that BBoS have left in him....
Caution!!!! Do keep well out of the BBoS blast zone....