Off-message somewhat Cory, but just what is KER’s take on Karen Hudes? She’s clearly hugely qualified with her twenty years in the World Bank as well as being a whistle-blowing lawyer. But what’s all her talk about some 175000 tonnes of U.S. gold being stashed away in Hawaii or the Philippines?

Would value some feedback, Thanks, A

http://usawatchdog.com/

Thanks Tim. Interesting comments. I tend to agree we will need both gold and the miners to come into sync before we start to see stronger movement but that does appear to be afoot. The miners look like they are responding to buying by professional traders who have just sniffed out the metals bottom and are coming up empty on good ideas in other stock trades. Buy what is moving is an easy mantra to follow and miners have been moving. So they will be speculating on momentum carrying the day and that seems to be building so it is a pretty safe bet in my view especially if you subscribe to the view that equities have a strong move ahead yet. To me the retail buyers (other than a few hard core devotees) have for the most part stayed out this time around. They were so badly burned that it’s not likely they will return unless gold starts moving seriously to the upside but even then it will take a lot of media attention on gold to get the general public interested. Same with a more populous move to picking up physical. They will arrive late as usual, seeking to profit after the lions share of gains have already come and gone. So what we are seeing now are more insiders, commodity specialists, hedges and the pros moving in on gold equities just for the obvvious opportunity to capture an easy buck off a deep bottom. Those same guys will also be inclined to bail out quickly and lock in gains if they have a gut feel that stock markets might roll over. I would start watching for Friday action and lead ups to news events to get a better sense of how skittish these guys are.