December 12 Notes

The CoT shows managed money net long 82,318 with POG at 1172. I consider that moderately bullish as long as paper gold dominates pricing. Open interest is way down at underr 400,000, so a thinned out market. The boyz could try short attacks and at 1155 that is now likely the case as long positions have already been heavily liquidated.

The rate hike Wednesday is completely priced in at 95%, so that is already priced. I lean towards a repeat of last year and continue to round off my positions and am adding to PHYS. We are in the wheelhouse time frame that I spoke of several months ago. POG has now overshot, but I have plenty of powder.

More insider McConnell buying in Victoria. Not seeing much else other than Teranga.

Balmoral hit two intercepts with nice grades at Bug Lake. Two more holes are pending just below. Can we call this a yahoo yet? Close.

The World Islamic Banking Conference has opened the reach of gold products that are likely to be permissible, and basically no paper. Mining shares can be owned. The will be quite bullish long term.

The longer India’s cash crisis is perpetuated, the more likely it is to spill over into precious metals. They will need to back down on criminal gold confiscation.  See my article on this at TNN.