I agree we should have been up $50, but the paper boyz pretty much still control the game. Even with physical demand at these high levels it has made little difference this last year. It's all about control still. Those buying massive physical have no need to run up prices when the west will feed them at these levels.

Fortunately we're closer to the end game, as the shelves are near empty!

From a technical standpoint, this week was standing out as the cycle low. We did actually have a decent rally today from $1240- $1266. There is big resistance $1265-1275 area which we have tested 3 times now. With the markets closed for Chinese New Year the buying is also greatly decreased overseas.

Also when there's massive liquidation happening in the markets and margin calls are ringing, gold and gold shares become vunerable. Lots of the miners were very green today, but as the sell off strengthened they sold off quite hard. Hope this helps.

cheers