Well the bearish forces huffed and puffed and couldn't blow the house down. contrary to almost every historical event in which the COT forces ( Commercial category)   works their magic and extinguishes the huge open interest  long position,which has been built up in Comex. Mind you nobody ever comments on the huge offsetting short position, which is as vulnerable either. Hmmm...wonder why?  Anyway, with a rally in the US dollar and every news agency blaring out the IMF selling over 400 tonnes of gold, the bear raid was on schedule and as predicted by the COT buildup in OI.  But something funny happened on the way to the forum......

The international community didn't bite ( USD rally)  and Chinese stood up and said.."hey, we'll buy that IMF Gold!" 
So where does this leave us now? Well for the average person, the pm shares are investment of coice over physical.   The juniors and HUI index is set to retest it's highs of last few weeks and move into new territory for October - November. And which shares look the best?  Simple one, but those which have indentified significant resources. Nothing like sitting on a pile of say 5 million oz of gold in ground or 250 million oz of silver, as the price rises. As most know, precious metals shares are valued on the resources it holds and cash flow.  So what small explorers have lots of proven ounces in ground and shares are cheap?  Well a simple blog is too small to name them all, but these tiny juniors I have mentioned in silver are good start. For a bigger list with some golds, Rob McEwen ( of US Gold and formerly Goldcorp) has his own list. considering, he is one of the most experienced and knowledable people in precious metals, I would say this is a list worthy of pasting on your office wall and watching for the duration of the bull run, which is likely have at minimum til 2015.

Anyway..here is the link...

http://www.mcewencapital.com/

Cheers