We hope that you all had a great holiday while the rest of us carried on batting as usual. What looked like being a fairly flat day for gold bugs has turned into a pleasant surprise as the Hong Kong and Sydney stock markets trade gold up $18.00 to $960/oz as we write.
It will be interesting to see if this rally can maintain its momentum through the London session and roll into New York a lot higher than it closed there before the vacation. A real good price hike could send the shorters heading for the exit at some speed. Having to cover their positions could push gold even higher and hopefully take our precious metals stocks along for the ride putting a smile on our faces once again.
Typically in a 24-hour trading cycle gold performs well on every stock exchange except New York where with monotonous regularity it is beaten down.
Silver is also joining in the fun, up $0.24 at $13.91
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Stay tuned folks..
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