Yesterday a noted Techical analyst issed a statement titled "PM Sector 2008 style COLLAPSE IMMINENT - and here is the HARD EVIDENCE....

I do not suscribe to his newsletter so I do not know what he said. His title however spells out his thesis which after looking at the weekly chart of gold futures I feel is over alarming.

The chart shows me that gold is in a 4 month consolidation between $1050 and $1150 and not until the $1050 boundary is broken will I consider that the gold price will make a significant move down. The support at $1050 appears to be strong. The supporting 40week SMA is rising and is at 1051. At the moment I see no cause to panic, it is a time to be patient.

My read on world events is that the "buzz word" DEBT , from Greece to US housing foreclosures to rising personal bankruptcies is causing more more than uncertainty it is causing confusion so while the confusion is contained in the above range I will not change my bullish stance on gold.

It is a time to wait and see and hang on to my GBB shares.

Centurian