This afternoon gold moved up nicely despite equities crashing and the USD holding relatively steady. Thus, gold moved independently and the fact that it happened in the NYCOMEX snake pit is even more promising. This is exactly what is needed for gold to initiate its next upward leg. Over the next few weeks, we might just see the USD and equities fall together. Such a combination will provide major fuel for precious metals. Gold shares have performed slightly better than other equities today but the metals should lead them out of the extremely long dark tunnel over the coming days.

Most encouraging - VHF