From today's Gartman Letter...... (12-11)

"COMMODITY PRICES ARE FIRMER and perhaps most notably the precious metals are beginning to show signs of strength, with spot gold in US dollar terms back above $1135 and perhaps more importantly trading back to £700 and €770 has our interest piqued once again. We shall strongly urge that those not already long of gold in Sterling or EUR terms to become so this morning upon receipt of this commentary. Given the explosive growth in the monetary base noted above, and given the correction and clearing out of late and ill capitalised longs from the gold market in the course of the past week, the time to buy has come yet again.

Note then the chart of gold in Sterling terms this page. It is of gold/Sterling in eight hour periods going back to mid-September and it show time and time again how gold rallies, then consolidates, then rallies again, the consolidates and then rallies again. It has consolidated since last Friday; it shall rally again… if not today, then Monday, and if not Monday then soon."