TA - NST, page-7

There are more drivers for goldies than just POG.

Things like movement of capital due to carry trades. Activity of ETFs and Index Funds. Hedging from speculators in the derivatives market. Activity of large traders who follow 'pairs' methodology. Shorting activity. Activity in dark pools. General sentiment of the big equities traders, especially the fear trade about market downturns/corrections/crashes. There are so many under currents to SP movements, especially in goldies, that it just makes the mind boggle. That is a big reason why mainstream advisers and commentators loathe gold and goldies most of the time....... just too hard to predict.

Cheers