via Kitco - $CAD Gold Price

At the beginning of the new fiscal year for GBN.V, which began Thursday, 2014 for fiscal 2015, gold prices remained above $1400/oz. $CAD:

http://www.kitco.com/gold_currency/index.html?currency=CAD

via Advisor Perspectives - NYSE Margin Debt

A fundamental in gold price advances could be the decline of NYSE Margin Debt, which has seen reductions since February.

This makes advances in major indeces tenuous, while interest rates continue to flatten, but especially short term rates are challenging the zero bound. This explains why markets may have advanced, while interest rates declined.

A market reversal is not set to immediately occur, though a May sell-off could happen, a similar challenge of the highs in August, or during the fall, as had occurred in the last two market peaks, where double tops were seen could be the likely outcome.

Very possibly excessive margin debt is due to ETF trading, rather than traders per se, and that undercapitalized, heavily indebted ETFs are the weak link.

http://advisorperspectives.com/dshort/updates/NYSE-Margin-Debt-and-the-SPX.php

Gold prices can advance for the summer this year, while the market trades sideways.

$Gold Weekly

We are anticipating the very end of a volatility smile derivative which temporarily cornered all of the financial interest in the gold market and tested the elliot wave paradigm that says the gold bull market has been a Wave One extension. The volatilitly smile derivative contract must close in the next few weeks:

http://scharts.co/1iHb6W2

-F6