marceau

Speaking of coins, I see coininvestdirect have pulled their offer on silver philharmonikers. Wish I'd spotted that one sooner, I was hoping to pick up a whole lot more.

Posted in tribute to todays action. Take that cartel!

Don't forget Diana.

I think it's going through. I would have doubted it more had it not been for yesterday's sell off, but that will have suckered so many into going short or staying out that there are still a lot of buyers out there. I vote for $1100 before any significant pullback.

I agree Pluto, the impact of higher oil prices and capital costs are hampering the prospects of the junior miners. There is a thread on this very subject in the Mining section of this site. However, I think $1000 will really kick the juniors into action. I also own some Royal Gold (RGLD) and the Silver Wheaton (SLW), both of which have very few issues with cash or production costs due to the way they derive their income. It is in these that I am hoping to see some big upwards moves over the next few weeks due to short covering. There is a thread on RGLD in the mining section with some excellent analysis by Dr Bubb and others (admittedly, I mostly use it to moan about RGLD failing to keep up with the gold price).

Shorters last stand looks to be at $991. If that gets taken out then the upmove could be big.

$1000, it's sooooo close. I don't think there's any way they can stop it from happening today.

As an aside I can see some major short covering rallies taking place over the next few days in mining shares. Not too sure what will happen to the juniors but $1000 gold is bound to have a significant impact.

They can't know much about the depression then. Gold was about the only thing that kept its value during that period (and mining shares quickly recovered).

Leave them to it and let them wallow in their own ignorance. I'm sure they will be trying to console themselves with all the dollars RB has told them to buy.

What do we reckon, will it break $1000 today?

Without a doubt now is the time to buy the miners. Many have not woken up to today's recovery and are looking ludicrously cheap. Time to shop around methinks.

Absolutely. In fact I think yesterday's drop will allow gold to overshoot $1000 by a considerable margin. Thank you weak hands!

I stuck to my guns yesterday and didn't sell a thing, in fact I would have added if I'd had cash to hand. Gold investors seem to be the nerviest lot I've ever encountered, permanently bricking it every time there is a rise (even a highly ordered and steady one like the rise since Christmas), and turning excessively gloomy at the slightest fall. It's enough to make me think that they have never owned any equities before, as the 'one step back, two steps forward' stuff we've seen in gold is nothing unusual in bull market terms and we have barely had any of the infamous 'rubber underpants' volatility which PMs often produce. The big help with gold at the moment is that buying the dips has been made so easy by the cartel. The blatant signals given by their clumsy attempts to orchestrate price drops are giving plenty of clear opportunities. God bless them, I say! I like to follow the old adages: 1. Let your winners run. 2. Let the bull market make you a genius!

Absolutely. In fact with the DOW so close to the 12000 precipice I can't see the Fed waiting until the 12th for the next rate cut. I reckon there will be an emergency one this week.

True. The drop has been pretty unnatural to be honest, gold got hit way harder than anything else today and (as usual) with little reason. I'm hoping it was just a tree shake before the move over $1000, but I could be wrong. Either way, I haven't sold a thing!

Wow this drop is relentless, large volume and no relief rally. Can't help but feel we're close to the bottom now though, maybe 950 will do it. Horrible day for miners as well.

I thought Bernanke spoke this morning at 0930 EST to community bankers, from what I can tell he didn't say much of note. Can't find anything to say he's speaking this afternoon, if he is, who is he speaking to?

Hello all, just popped in to offer my support and say that this thread is much appreciated no matter which site it is on. Have been a long time lurker on GEI and it is truly excellent, good analysis, open minded and troll-free. In fact I find so little to argue with on here that I rarely have reason to post, everyone else puts things across so well!