Since there has been so much talk about Gold...
Here's what I posted earlier today on another website:
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Tom Obrien SOLD his Gold Shares yesterday - but I am holding on.
(He said):
"Gold shares couldn't handle the highs, they will head back down."
"They are building a low... but it may take three breakout efforts to get back on track to the upside."
"Silver went up, but 'died on the vine' ... without anough volume."
GDX / Major Gold Shares etf
HUI / Gold stock index:
Personally, I don't think that patterns look so bad, especially for some shares like SLW. But I was tempted to sell some because of the Opening Gap up, which usually gets filled within a few days.
Tom seems to be betting against the Normal Seasonal pattern, where gold shares rise into early October
Meanwhile, Gold bulls like Ben Davies and Eric King are getting very excited by the potential for a big rally in Gold.
MP3 :
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"On Gold, we are trend-ready right now."
"Costs are rising 10-15% per year, and the Gold mining industry have done a terrible job at setting expectations. The always over-promise and under-deliver. With costs going up, Gold is going to have to go to $2,000 an ounce quickly."
"Two bubbles which have not yet deflated: UK Housing, Australian Housing"
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Rick Rule's interview is a good one too:
MP3 :
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"I take comfort from the fact that people are not talking gold up.
People normally 'talk their books', and if they are not talking bullish,
then probably they have not bought yet. And there is plenty of room for more buying."
THAT's A GREAT BULL ARGUMENT, in a nutshell