Like A Rock Again, page-21

Eshmun, if you look at the (daily) OBV chart for the last 6 months you'll see that most of the change in OBV occurred in two steps. On 18 December there was the massive block trade by the GDX buying ~30 million shares. On 10-15 March there was the selling of Newmont's 100 Million shares into the market just at the same time the GDXJ/GDX rebalance was causing shorting of the gold stocks (check NST and EVN over same period).

I don't think you can draw any major conclusions using OBV. NCM might be a good buy but its peer group is more on the international side.

I'm neutral on RRL at these prices and sold 3/4 of what I'd held from $1.20. I don't think there is any major downside pressure likely while gold holds above US$1200. Even with the Australian dollar rising the share price has been pretty resilient. The Newmont stake might take a couple of months to be absorbed into the market still.