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January 27, 2011

Docfolio Reloaded

Why do I have the feeling everyone is opening tonight's letter with the desire to read that gold's intermediate cycle bottom is in? We certainly saw some severe selling pressure as the stops under $1320 were run. Contract volume for gold was over 4X the level seen during yesterday's head-fake swing low. Mining shares also held firmly above Tuesday's low, delivering a key signal we were seeking. I have bad news for you, though ...

 

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