The shorters' attack of precious metals resumed unabated this morning, with a new "post August" low (near $1525) set on gold on the LME. Silver was pushed below $27 and on the currency front the euro posted a 2011 low. The demise of shorters is however imminent: gold is still down 0.7% on the day, closing at $1545.5, but up $20 off the lows. Silver actually staved off the shorters' attack and managed to gain 2.4% on the day, closing at $27.77. Likewise the euro is up 1 ct from its low and fractionally over the trading session.
Seems the mining investors felt the shorters were running out of ammo. We have gains outnumbering losses 4:1 on our GMP list. Instead of factoring in lower future gold prices, mining investors are increasingly aware gold shorters have overplayed their hand lately.
After setting a new low yesterday, our GMP gold miners index is up 2.11% effectively counter trending the metal. The silver miners index is up 2.25%, in line with the metal recovery. The equal weight index is up 2.03%: the recovery is among miners, juniors and explorers.
We have three double digit gains offset by 1 double digit loss today.
The lucky ones are following pennies:
- Crazy Horse Resources Inc.
- Typhoon Exploration Inc.
- Laurion Mineral Exploration
Arian Silver Corporation was to be avoided today, after its counter-trend gain yesterday.