I get the sense that we are finally out of purgatory within this sector given that the FED has increased rates. For so long we were 'waiting for Godot' without any catalyst for gold to reverse trend. I have a feeling that this rate hike will cause a whole heap of knock on effects/ unintended consequences that will, ultimately, be beneficial for the sector.
Keep you eye on credit. That seems to be under immense pressure and the dam may be cracking (gated funds). I note today ZH is tracking some diesel tankers out in the Atlantic that are steaming in circles - implications are that there is no onshore storage facilities available in Europe ... if you're a debt laden oil company that's not a good sign is it?
Cheers
John
MML Price at posting:
36.3¢ Sentiment: None Disclosure: Not Held
