I wonder if Brien Lundin is the buyer from Scotia. Someone with a deep pocket book is buying over at Scotia over the last few weeks. Gold is now near $100 off the low and it's tough to see any scenario to go back and test that any time soon.
To me it looks like we got the capitulation we were looking for in the gold price and we will now resume the bull market. Even Frank Giustra is willing to wear women's underwear if the gold bull doesn't continue......
The financier has vowed to dress up in ladies’ underwear if the yellow metal doesn't rebound from its recent slump.
Vancouver-based mining financier Frank Giustra is very very confident that gold’s bull run still has legs.
If he turns out to be wrong, Giustra has pledged to dress up in ladies’ underwear and sing the infamous Patsy Cline song So Wrong.
This feat would be performed in a square in downtown Vancouver, he told the Globe and Mail newspaper in a recent interview.
Gold has been in correction mode, confounding many so-called experts who predicted that the metal could be headed to the US$2,000 level and higher.
But Giustra said he is confident gold will rebound because central banks in North America, Europe and Japan are continuing to “print money” through asset purchase programs known as quantitative easing.
Spot gold was up 30 cents to US$1,413.58 an ounce on Tuesday. But the metal is trading well below the one-year high of US$1,790 an ounce, after hitting a historical peak of US$1,921.15 an ounce in September, 2011.
Prices have come under pressure this week due to weaker-than-expected manufacturing data from China. Interest in the metal has also been stymied by a firmer U.S. dollar.
“For the first time in almost 10 years, I’m seeing a disparity in the price of gold and gold-mining companies that I’m starting to think of doing the switch from ETFs back into certain gold miners,’’ Giustra told Globe and Mail business reporter Andy Hoffman.
Read more at http://www.stockhouse.com/community-news/2013/april/23/giustra-hopes-he-isnt-wrong-about-gold.aspx#gMfyJFRtGoz3AlRx.99