As is so often the case in the precious metals, corrections tend to be vicious and quick. With the major move higher over the past several sessions, the gold market is working off some of the excesses.
More Quotes from Peter Spina:
This has resulted into greater attention to the juniors and exploration equities, with a renewed flow of speculative capital entering this sector over the past several weeks where some strong gains have been seen.Peter Spina
Silver stocks are powering ahead ... taking the HUI above the 315-316 resistance to all-time record highs.
Peter Spina
The real action remains in silver, taking away from gold's luster.
Peter Spina
It is just a matter of time before we have another leg down in the U.S. dollar and this will just add to the luster of gold and silver.
Peter Spina
Iran continues to provoke conflict and the gold price is reflecting that sense of uneasiness. Iran knows they have leverage here, especially with oil above 70 and the U.S. dollar becoming ever so vulnerable.
Peter Spina
The market still shows interest in marching for the 600 level in the short run. But a break of the 540 area support will negate this and instead, we will have to see some more base building before the next run-up.
Peter Spina
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