http://www.kitco.com/charts/livegold.html

cheers GF.

on a very simplistic chart as below, i think there may be some (serious?) resistance at this level, not least because of the headlong upward rush, so i have top-sliced 40% of my holding and banked a very nice profit considering i held that portion for only 10 days

i think sp could quite easily come back to +/-1240 where there is now support purely on profit-taking especially if bullion also reacts a bit

I agree almost certainly there will be those taking money off the table but the bigger picture with bond funding, newly acquired gold deposit plus development of exisiting mines bodes well. The recent rise has been quick but don't forget the consolidation has been going on a couple of years so the momentum could well continue. The whole sector has had an incredible day, Acquarius Plat up 9%, Rio Tinto some 4% when I last looked and gold up almost $9. Dollar taking another hammering against the EUR and 1.45/1.50 not so far away. Interesting times!

oveer the longer term, i certainly do not disagree, but as a trader and with the markets (over)due for some correction, money off the table is no more than prudent ...... am also now running shorts in both Dow and FTSE, not least as a hedge against my long portfolio

Seems entirely reasonable with today's US jobless claims data better than expected (marginally). Maybe those US interest rate cuts won't come as quickly as some predict. I have POG for the long term in part as a hedge to weakness elsewhere in the market.

POG off to a great start again today, though it's far too early to tell whether or not this level will hold - see potential resistance on chart above

My interpretation of the charts is a clear break of a highs and lows channel at about 1200p. Personally I don't see much resistance between 1200p and 1650p. Either way I don't mind if it's a steady rise and a period of consolidation but something tells me the picture is changing and we could rapidly be at the highs by year end.

you could easily be right and am still holding what is effectively my "norm" at this morning's price ...... shall be happy to add as/when we have a couple of bad days

Either way nice to have this in the portfolio with the rest of the market looking a bit red today.

indeed .... as are my quite heavy short positions in both Dow and FTSE!

Yes exactly and US PPI is the one to watch at 1.30pm. MoM expected 0.5%, ex food and energy, 0.2%. YoY 3.7%. Michigan confidence at 3pm expected 84. Good luck!

am substantially in the money on Dow but have put in quite close stops

Cynic: good luck with your shorts - I was a bit concerned for you this morning! I haven't got the hang of CFDs yet - just stick to conventional stock buying. POG could be good but I need to do a bit more homework before I decide when to leap in - haven't been following it for long.

Tipped at the weekend in the Momentum Investor - the shares are pricing in significant contribution from Pioneer but no value is attached to Malomir, which could yet become a world-class producer. And all this before the recent auction win.

Looking very good today, very healthy gains coming through as we head back up to the recent highs.

true, but look at the chart above .... can sp break through 1350 barrier with any momentum and hold?

Nice rises again today and back to testing the recent/year highs. With further momentum in gold and other metals expected to continue, I'll think we'll break here soon. That on top of the fact that it's exciting times to come in POG production/exploration anyway.

Well on our way now to get back up to the highs. Good value.

top sliced here about 10 days ago and have been tempted to buy that back albeit at a "loss" ..... however, bullion will not keep going up in a straight line and any significant fall, albeit temporary, will almost certainly hit POG's sp along with that of all other producers ...... but it's still a damn good company and stock as i have been saying for quite a while

You're right that nothing can keep rising in a straight line but I think there's still a lot of value here, gold price aside (although ft article page 43 yesterday, credit suisse saying $800 at year end, $832 average in 2008 and $1000 in 2010) because we're due an independent report anytime before year end I suspect, which should give reliable reserves estimates (and upgrades?).

Don't forget the second mine started producing bang on schedule and this mine alone is believed to hold 2/3 times original estimates. Then there's the third mine at Malomir which has excellent drilling reports. This one in itself could blow estimates out of the water. Finally for the longer term there's the recently announced joint auction win.

Excellent buy with upgrades to come I think.

i don'yt dispute anything you have said and expect to hold current balance for some time yet ...... however, shall wait for a couple of bad days before buying more - i.e. the slice on which i took profits, and perhaps even a few more