this is from ed steer of casey research:

...”The failure of the Bears to make any real progress during their normal prowling time...the Comex day session...raises the possibility that they may be stretched. [Were they even trying??? - Ed] Apparently the gold shares feel this way: the XAU actually finished up 0.27% on the day...having been down 3.4%; and the HUI closed down only 0.19%...having been down 3.5%. This is quite unusual action and encouraging to gold's friends.” [Yes it is...and bears watching. But the silver shares got hammered, so I'm not that encouraged. - Ed]

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So...what will today bring? Frankly, I don't have a clue. There was good liquidation of the tech fund longs in both metals on Friday...and more on Monday. But if the bullion banks are intent on cleaning out the speculative longs, the 50-day moving averages are still some distance away in both gold and silver. As was mentioned earlier, it didn't seem [at least to me] that 'da boyz' were around during the New York Comex session yesterday...or if they were, they weren't trying too hard. Today is the cut-off for Friday's Commitment of Traders, so it might get interesting.