Adding another chart this evening to present some longer-term trading patterns in the GLD ETF which should be considered. Just a few comments for now starting with the most obvious conclusion, namely that overall the trading channels and trend lines paint a pretty technical picture of a very healthy bull market underway. A couple of trading channels are obvious and outlined in this chart, including the year-long uptrend that's been underway since late 2008 early 2009 (see purple parallels). Besides this positive note, we can also take comfort knowing that if the scoundrels do manage to push Gold below Norcini's shorter-term trendline (published at jsmineset.com earlier this evening), then the next major support level is not that far beneath, which in fact is by far the most important of these 2 trendline measures.

Secondly, the single blue trendline is another interpretation of the same bullish pattern that Mr Sinclair spoke of last week in his "Keep It Simple" article ie. breakout of a consolidation pattern, followed by a pullback to the breakout point and then "up and away we go." I'll leave it at that other than to say the odds are leaning in favour of continued strength in Gold going forward versus a pullback.

Third, the breach of the red parallels in November 2009 is the result of large buyers moving into of Gold fearing the Dollar was about to breakdown below it's "Death Neckline" and drop off a cliff. Since then the Cartel has been fighting tooth and nail to recontain the rising Golden air balloon within the red zone, but they can't keep it underwater much longer under a rising sea level of new Dollars.

I'll hold off on conspiracy theories for now on the timing of this miraculous rise of the Greenbacked Phoenix except to tell the tale of two old friends forced to face off against each other in a death match. One of the two in desperation inked a deal with the devil (aka HFs), asking for powers to win the match (terminate his buddy) and thus postpone his own demise a while longer. Only problem is the devil did live up to his side of the deal, but rather than killing his friend Satan instead killed their friendship by revealing the deal that was negotiated, learning of his friend's betrayal in the process. In short there will be bloodshed in the arena and vengeance will be had. Neither will come out unscathed and both will perish in battle mortally wounded. Armstrong hit the nail on the head when he posited all currencies can and will burn overnight. The alternate dominoe theory of cascading currency failures, one country failing after the other, might be too optimistic a scenario to hope for. Now back to the bunker and hope I don't run into Barbera's underground fortress as I drill deeper lol.