The announcement of QEIII has had a somewhat muted response. Gold has risen from the $1,730 region to around $1,770. We will be going some more light selling at around the $1,780 level.
Our gold mining stocks have had a better response – some are up over 20% over the last couple of weeks and we are selling into this considerable strength. This doesn’t mean that we believe that some kind of “top” is in but trading positions must be sold into this kind of strength.