It was another turbulent week. Gold and Silver were both down 2% and the gold miner index even a massive 7%. I have read in various newsletters that the sentiment was improving and thought I was alone out there with another point of view. Badly enough I could not take full advantage of it. The reason behind the precious metal sell off definitely has to do with the news that 278 European banks will start paying back a stunning 137 billion euros of LTRO's next week, which they borrowed from the European Central Bank a year ago.
Sandstorm fell from its own intermediate cliff and dropped 9%, as the sloping downwards resistance I pointed out last week, appeared to be to hard to take. The share price dropped below the 20 and 50 days moving averages, which is not a good sign, but it found support around $11.60 and closed 3% above its daily low on Friday.