From today's Gartman Letter...... (8-4)

"Regarding the precious metals, they are of course stronger, but for whatever reason there is strong resistance met by gold at the $955-$960 level. As we have said before, we’ve no idea who the seller is at that level, but it is a formidable foe. GATA may argue that it is government and that it is all conspiracy. We’ll argue instead that it may well be nothing more than mine hedging and spec selling. We needn’t waste time, effort and mental capital trying to ascertain who the seller is; we note only that the seller is there and has thus far succeeded in keeping prices in check.

What is interesting is the chart of gold priced in EURs which we’ve included here this morning at the bottom left of p.1. Gold in EURs has had strong support at the €650 level, consolidating and correcting the run from €550 that began in August a year ago, which took the price to €800 earlier this year. If one wishes to own gold, we think it is far better to own it in EUR terms than in US dollar terms then, for the latter has run into resistance while the former has found strong support."