*James, on the gold stocks (HUI), I certainly believe it will go much much higher in the longer-term scheme of things, but for now, I believe a down wave is approaching...
Also if you look at past times when $GOLD has topped out in Euro's, healthy declines have followed for $GOLD equities. In conclusion, the HUI hasn't diverged from the broader market, in fact it could be argued that they have instead taken a leadership role in the markets and actually led them higher recently, and if the markets are to top around this area, then one can see how they have called the turn correctly. So I see a potential downslide correlating with perhaps the first official broader market wave or even blip to a new bear market, it's clear already in the Q's and Nasdaq but the rest of the market hasn't woken up to the bear reality, and those same people have $GOLD equities, so it's only fitting that they get slammed initially just like back in 2000.
Until divergence becomes blatantly clear & given my market sentiment, it's hard to be bullish short-term on $GOLD issues. A test of $GOLD $400 is also not out of the question, nor would a "brief" move under $400/ounce.
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