Dear CIGAs,

There is a real possibility that Euroland could talk itself to death. Discussions of upcoming rescue plans, arguments against it and warnings serve to make nice opportunities for trading equity markets, but not settling the problem of debt gone wild.

The movement in gold continues and is playing quite nicely to Kenny’s alternative of the "Accordion Chop" which has not technically damaged the various higher price objectives.

This is just another period of consolidation/reaction in gold without fear of a full valuation having been established.