I'm not completely out of PMs here as I've noted from my core holdings so I wouldn't mind too much missing out on some potential ST profits. The HUI did firm and I was tempted near the close, but this last 30-40+ run in gold prices in entirely geo-political. Even if we reach 700+ on gold I doubt you're going to get a huge surge in gold shares, maybe 10% at most. When gold does get hit again on less tension in the ME or elsewhere the downside will come fast and the bids will disappear. Some of this is already reflected by the shares lagging, but as usual there will probably be more due to shorts/weak longs, etc. I do think what's happening w/the markets and the ME should put the Fed on hold now for August so maybe that'll get reflected soon in the markets and gold (IT). Even a small pullback for gold/gold shares would be very healthy here.
COTs don't matter as much anymore, but today they also confirmed that this is likely just a ST surge in gold vs the start of a new IT.
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