From today's Gartman Letter.... (7-23)

"Moving on to the precious metals, we are long of gold once again and our propensity is to add to this position Indeed, we shall do so today if spot gold trades upward through… and remains for one hour above… $955. The chart this page makes our case rather clearly; there is someone trying to hold gold down below $955, and it is likely a mining concern hedging forward production rather than a government… the latter being the selling that the conspiratorialists love to believe exists and which we find a waste of time and effort to prove. Even if there were a conspiracy to keep gold down, so what? It is not our duty to concern ourselves with that debate, for as Jesse Livermore told us, the duty of the speculator is not to be bullish or bearish but simply right. We are mercenaries, willing to join forces with whichever side is winning the battle for investment survival. We turned bullish, from neutral, when spot gold traded upward through $940 and we shall turn more bullish when and if it trades upward through $955, and more so again when and if it trades upward through $965, for the market will be telling us in the least uncertain of terms that our position is correct. Why argue with the market? That’s a losing proposition always and everywhere."