NFTRH Interim Update 12.20.12

Quick Update

Gold and silver look like they need to go lower to find support as they are technically stuck in a no man’s land.  Although it sure likes we have got capitulation engaging based on volumes on GLD and SLV.  That would imply a bottom is coming sooner rather than later.

HUI has hit the 420 target, but the plucky HUI-Gold ratio is standing firm as a positive indicator on these events.  I simply cannot tell you when the bottom will be in because picking a bottom in such a momentous occasion is difficult anyway and also I am remotely accessing the markets today.  I am not in my comfort zone at my desk, control center, war room, whatever you want to call it.

Look for a reversal on big volume over the next few days.  Fundamentally, we should note CoT data and technically we want to see HUI-Gold remain a-okay, which it still is.  I will be out of touch most of the rest of the day.  Good luck and let’s keep our heads screwed on straight.

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