Gold's pull back and failure to hold $1140 an ounce is a surprise. However the strength in the US greenback is more of a surprise. Technically, it appears that $1,080 level will find meaningful support. Most shares, are trading at low end of Bollinger bands but only relative strength index (rsi), ABX, ELD, UXG and YRI are at May/June 2013 record lows.
Bullion may be at 5 years lows but stocks, on a relative basis have little downside here. My upcoming report, Gold: Identity Theft will address the fundamentals.
Stay tuned for my full report towards the end of this week.