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To: GROUND ZERO™ who wrote (28120)	6/25/2012 1:12:29 PM
From: Nevada9999	1 Recommendation Read Replies (1) of 29396

There has been a lot of money in gold for the reflation trade, since that is what has worked in the past. It seems to have pretty much been shaken out at this point. I agree, it looks like a bottom supported by extremely negative sentiment. Those that accumulate gold because of concerns about stability of the financial system have been there all along, but they have little influence on the short term moves. Money seeking liquidity is forced into US Treasuries and volatility encourages that. Gold moving with the liquid 'safe havens' should be a more obvious theme now that most of the nervous nellies are out. The GDX daily chart is stronger than the gold chart you posted. The May 16 lows need to hold, but this is looking like a pretty gradual bottom which is the best kind.