for what it's worth, the 200 day moving average support is at about $1257. It's hard to see the price of gold crashing below the 200 dma, but if it does the 400 day moving average is about $1200.

This is what I'm looking at: https://www.tradingview.com/x/S5M9KVzG/.

It wouldn't be the first time that gold went back to touch the 200 dma before launching upwards again. See, e.g., Q4 of 2001, Q2 of 2003, Q2-Q3 of 2004, and Q2-Q3 of 2005. The early years of the gold bull felt like a gauntlet of rough slaps.

Hang in there.

Old School

The higher the price of gold goes, the more options get put on the table, e.g,. easier and cheaper financing to go it alone and roll op other mines out of profits; and/or getting acquired.

I don't have a preference one way or the other only because I'm not smart enough to know which would give me more a bigger gain.

Wishing I could be more helpful, Baires, I remain

Old School

Baires,

Tyhee's properties are not moose pasture. I wouldn't mind waiting until the 3-year moving average for the price of gold gets back above the base-case gold price of $1400/oz. found in the feasibility study. It won't take long for that to happen. Recall that gold's 3-year moving average was above $1400 as recently as March 2015. Spot gold could easily be in the $1500s-1600s next year, which would likely take the 3-year moving average above $1400. Mind you, that would be a 3-year moving average in a bull market. It would be hard to not like Tyhee then.

More long term, I am perfectly happy to wait until Tyhee's gold in the ground is stupidly priced to the upside. ;-)

Maybe a little greedy, but I am still

Old School

Baires,

Mr. Saettelle's chart lays out the competing forces well. On the hand, there is a post-2011 downtrend that is still in play. The upper boundary of that downtrend is around $1365 +/- $5. On the other hand, there is a post-December 2015 uptrend that is also in play and is presently running through the downtrend. The upper boundary of the uptrend intersected the upper boundary of the downtrend at the end of June/beginning of July at around $1388. The lower boundard of the uptrend will intersect the upper boundary of the downtrend around mid-December 2016 at around $1347.

Since July 11th, the downtrend has repelled the price of gold, which ordinarily would be disappointing. But, something curious is shaping up. A bull flag (as Oscar Carboni noted) is forming. The bull flag has around a $70 flagpole. A punch out above the bull flag could then mean a $70 move upward, i.e., well through $1400.

I'm not saying that it's off to the races after that, but it sure would be nice for gold to get above that post-2011 downtrend!

With best regards.

Old School

-- There's been speculation that central banks are buying precious metals miners so as not to violate the Fourth Central Bank Gold Sales agreement signed by the ECB and 20 other European central banks on 19 May 2014 and lasting four years.

Money Morning: Why Central Banks Are Quietly Loading Up on Gold Shares
...
The Norges Bank, the Norwegian central bank, has filed to have its Q2 2016 U.S. equity holdings be given confidential treatment. That's according to smaulgld.com.

The website reported that the NB filed their SEC form 13F for Q2, but that it includes a blank information table. It appears the "deal" that NB has struck with the SEC is to file an Amended Form 13F a year later, providing the detailed holdings.

This is particularly interesting because the June 30, 2015, filing from last year reveals the central bank held a whopping 23 gold and silver miners.

What's more, if valued at recent share prices, that portfolio was worth nearly $1 billion.
...
Despite the [Swiss National Bank] ... cutting its physical gold reserves by more than half between 1999 and 2008, the central bank has been buying precious metals stocks going back to at least 2013. Their mining shares portfolio was worth $500 million at the time.

The bank reported for the period ending June 30 that it held more than 30 gold and silver miners. If you value those holdings at recent prices, the portfolio runs a cool $1 billion.

Gold’s $50 Billion M&A Spree Builds as Rally Boosts Values

...

The average paid in 133 transactions in the three months to June was $64 an ounce of gold equivalent in the ground, up from $36 in the first quarter of 2016, as buyers factor in better long-term price expectations, according to Bloomberg Intelligence.

...

After mid-sized producers, including Northern Star Resources Ltd., completed a raft of mine acquisitions from larger rivals, activity is now likely to accelerate in company takeovers and asset deals among smaller companies, according to PCF Capital’s Twigger.

“That’s greased the wheels, and I’m confident that once we get through the Diggers and Dealers conference, we may well see a bunch of deals,” he said. “It’s like a mountain of champagne glasses, you pour champagne in the top row -- and they are the producers -- and it cascades over into the developers. The interest is going to be very strong going forward.”...