The jobs number was strong. The expectation is that the Fed will raise rates in December and gold rallied in the face of that. I personally believe that there has been a shift in mentality and the rate increase is priced in. I don’t know if this is the bottom in gold but personally expect to see a sustained move higher… Also, the miners bottomed in Sept and gold in December. That type of divergence is very telling.

I’m looking at a chart of ABX and if it moves about another 3%, it will break out of a large IHS which has a target another 30% higher. It doesn’t have to happen but it should based on GDX+GDXJ targets out of their basing patterns. Just some thoughts as I do things these are important things to track from a fundamental standpoint.