Interesting day in gold market. After umpteen times over several years, the sale of some IMF gold has finally become a reality:

China Said to Consider Buying Gold From IMF, Market News Says
bloomberg.com

“China may purchase some of the 403.3 metric tons of gold being offered by the International Monetary Fund, Market News International reported, citing two unidentified government sources. China will consider the purchase to diversify its reserves if the price is right and the potential return relatively high, the report said, citing one of the sources. There is no indication China is seeking to buy all of the gold on offer, the report said, citing no one. The IMF board approved the sales, valued at about $13 billion, pledging to avoid disrupting the market with the transactions and saying it would “stand ready to sell gold directly to central banks,” according to a statement Sept. 18″…. Full Story

HOORAY!  This has been a carrot the gold bears have used numerous times and is now being discounted in the market. Given this fact, a super big commercial short position on the Comex and both bears and correction-calling bulls knocking each other over calling a top in gold, one could have seen a far worse sell-off in gold today. Hmmm. While one day does not make a market, you’ve to ask yourself what this very large group of gold bears and weak bulls will think if by weeks-end, the market is higher than where it started the week? Stay tuned!

Northern Dynasty Minerals saw some buying support as it was added to a key Canadian Index. Coincidentally, I reached out to a Hunter-Dickinson partner to ask about a 1.2 million share block cross on Continental Minerals today and discovered He was in Europe promoting NDM (that also could explain the strength). Mums the word still from HD on KMK in regards to potential suitors. All I can say is KMK is not widely known so big blocks have more importance to me because of that. The fact that the stock traded higher on the day was also a plus.

The more I look at the results of Evolving Gold the more I like the project and the area.

I will be on BNN’s “Market Call” this Friday at 1PM EST.

I look forward to seeing many of you at the Toronto Investment Conference this weekend. Please note I will be hosting a workshop after the conference ends. I especially like these periods as I get to do Q & A and end up speaking to attendees long after the official time is over.