Gold is up over $11.00 today with good potential to break even higher to the upside in coming days.
We have built a base and have remained above the 300-day moving average in recent days. The harsh beatings laid on oil and some of the base metals this year has handcuffed gold and silver, but they have held up well.
The US dollar fell out of bed today as OPEC nations unloaded Treasuries at the fastest pace in more than three years as crude oil prices tumble, sending bond yields higher. For every $10 drop in the price of a barrel of oil, OPEC members adjust Treasury holdings by about $34 billion, according to estimates by Michael Pond, an interest-rate strategist in New York at Barclays Capital Inc.