The markets are down today, no doubt on profit taking by the day traders. Most mining equities have returned a small portion of the substantial gains they have made over the last few days. At least in the stocks I follow and am interested in.

This has happened on fairly small volume compared to the run up and I believe it is little more than the usual day traders and a few nervous speculators taking profit. The available float in weak hands is getting ever smaller which is attested to by the shorter duration and smaller volumes traded on any pull back in the mining shares and gold for that matter also.

All in my honest opinion of course.

F.F.