UPDATE: Iwnattos picks up the baton, runs with it and adds a few charts and thoughts thereof (he likes charts) and manages to call me whiny along the way. Worth reading his views on this and I particularly agree with his last paragraph. Read it all here
Junior relief rally looking short-lived
When you have 1) gold slightly up but 2) the junior rally being led by the cruddy end of the sector and 3) in general, the quality end of the junior mining sector not following through, it points at best to traders happy to lock in swift profits and then see what happens next or at worst, to the premature end of any rally.
Gold price is the key, of course. At $1,234/oz it’s in better shape than at $1,200/oz (duh) but it’s still inside its recent trading range and not breaking to new levels. Best guess is that in the face of this, the smarter end of the trading world is happy to take the cash offered and wiat for the next round.