The inference of "market confidence" is in and of itself an oxymoron! "Investor psych" is where the price is! Falling prices have 1.4x the negative (Result of several market studies!) effect than rising prices have to the psych upside.

Depression overrides exuberance!

The Boyz play it like a Stradivarius SAN providing the sheet music!

In the late '90s, early 00's you could slice depression at gold shows with a dull knife! It would be interesting to know how the this year's PDAC is standing up.

Depression and exuberance both sell, they just move in opposite directions!

RUF