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Monthly Digger - April 2010


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GLD - watching the MA's. I wonder if we maintain spacing above 100, with the 105 area being support.

http://www.StockShar..._1270084000.png

 

Here's the chart of GOLD, itself.

 

I used a line chart to more accuraely the movement.

 

So far, there's a series of contracting 3 wave moves within a triangle since the top.

 

My best guess is that the decline cannot count as impulsively down.

 

So, score this for the bulls.

 

The Triangle break, of course, is the move to watch.

post-1352-12700911341746.png

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GOLD:

 

Broke out of a shrinking cloud.

 

But for the long wick on the candle, it would be a bullish sign. The blue line is still below the red, however.

 

If GOLD breaks free of the cloud and the blue line crosses above the red, it would be a very BULLISH itchy BUY signal.

 

Needless to say, as itchy charts are based on moving averages, the BUY signal would require a break from the short term symmetrical triangle.

post-1352-12700920184213.png

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Entrée Announces Increased Heruga Resource (EGI / ETG.TO)

March 31, 2010

The updated resource estimate was received from joint venture partner and project operator, Oyu Tolgoi LLC (formerly known as Ivanhoe Mines Mongolia Inc. XXK -“OTLLC”). Now that conditions precedent of the Investment Agreement have been satisfied, as announced on March 31, 2010, OTLLC will be owned jointly by Ivanhoe Mines Ltd. (TSX:IVN; NYSE:IVN; NASDAQ:IVN), and the Mongolian government, with the parties holding equity interests of 66% and 34% respectively. OTLLC, in turn, will hold (as a participant) up to an 80% interest in the Entrée-Ivanhoe Joint Venture. Please see the Company’s Annual Information Form, filed on March 31, 2010, for more information.

 

This latest inferred resource estimate represents a 20% increase in tonnage and a 15% increase in contained CuEq pounds of copper (at a 0.6% CuEq cut-off) over the March 2008 resource estimate. Based on these new figures, the Heruga deposit could contain 9.5 billion pounds of copper and 14 million ounces of gold.

 

http://www.entreegol...&content_id=240

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First, this is one of Dan Norcini's charts from his recent almost-daily commentaries.

post-1024-12701819042656.jpg

In notations he doesn't quibble about manipulation with if, maybe and might be, he just states "...bullion bank selling...capped...upward progress..." like it's a given, no whining. With big banks, higher gold prices make their paper fiat look bad.

He also notes to be wary of MA lines while they travel inside a trading range.

 

I can see where a swing of $50 near term wouldn't do any technical damage other than feeling ecstatic one day then make you feel like jumping off a cliff the next. Manipulators can do most anything except change the long term trend.

 

On GATA testifying to whatever committee (I didn't watch) the fact they let comments on the official record means the mirrors and smoke machine had already been moved to another safe operating location and replaced with a dog and pony show since politicians receive proceeds to fund political campaigns from such underhanded operations. You can tell that's true because they drag their feet, hem and haw and nothing gets done. The same with insurance gone wild SWAPS (derivatives for the most part), nothing gets done when they should be using insurance industry guidelines to govern these transactions because that is exactly what they are like car and house coverage/protection except this type of insurance is used to cover bets. Uptick rule, it got in the way of making quick money and was repealed. It will be put back in place after money is made off all the damage it causes.

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