Currently with gold off $24, the gold shares, generally, were up today: The XAU was higher by 1.19 and the HUI was as well with a plus 3.84. Was the weakness in gold today a seized opportunity for the in-the-know shorts to do some smart covering? If would seem that some of them felt so as the MACD moving averages were suspected on the verge of turning down which would indicate increased opportunities to not be short and to go long the shares versus a heavy long position in gold. The last cycle lasted two months and was in gold's favor over the pm shares. It is suspected that the pm shares will hold the upper hand over gold for the next few months, regardless if it goes up or down.

http://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24XAU