Monday, January 26, 2015

Gold's already back to $1600. For me, anyway.

Here's a chart of gold in Canadian dollars:

And as you can see, as of last weekend, it's almost completely recovered from the waterfall collapse of April 2013.

Here's gold in Euros:

It's not recovered entirely yet, but maybe in the next few weeks with the Syriza victory?

Apparently Jeffrey Currie has given up the ghost on $1050 gold (and Marcy Nicholson at Reuters gave him a free pass, repeating his original 2015 gold target of $1200 and not the more recent $1050), so maybe this is about as far as gold can get without some consolidation?

I guess it depends on whether the Americans have all already finished going long gold.

We'll have to watch GLD flows for clues, I guess.

In the meantime, what does $1600 gold and lower fuel costs mean for Canadian miners? Is that good?

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