Comment today by Jim Sinclair:

As you approach $1224 you can expect pre-emptive selling by the market makers in gold shares. They are wrong.

Comment today by Dan Norcini:

The fly in the ointment was the poor showing by the mining shares as hedge funds appeared to be back in the ratio trade business today. I am not sure why that strategy was adopted because the broader equity markets were strong. You’d have to ask their computers because hedge fund managers have no ability to think seeing that they are slaves to their computerized black boxes. Agent Smith from the Matrix could not have asked for more compliant subjects. Either way, it tends to take some of the bullish enthusiasm off the gold market when this sort of thing occurs as can be witnessed by gold’s drifting lower off the early session highs.

K.