$887.50 should be support, if not, we could see $850 and then $770. The bounce from any of these points will be something to behold.
With UBS losing $19 billion and other banks in the same hole - nothing has changed. The fundamentals remain so I remain unperturbed. RGLD should break up strongly when this has blown over.
Key gold shares did not follow the recent rise in gold - because it was known that there would be this setback. The same happened in 2003 months before the invasion of Iraq. Gold rose and the shares would not follow. This was followed by a severe downturn in gold but the shares did not go down percentage-wise in the same way. The shares then rose and gold followed. We may be soon witnessing the turn point in which the gold and silver shares lead the metals once again - and it has been a long time coming. The turn may take place in days or at the very latest by the last week of this month. May and June should be stunning months for PMs and their equities.