abx aug 23 2013gld aug 23 2013

ABX has hit our target of $21.50 ($21.28 so far). As mentioned a few days ago we would sell here. (For the record our targets should always be viewed as minimum targets; we do recognize that much higher levels are possible, often even likely!). ABX has followed the gold ETF quite nicely. It still has a little more potential but $8 on $14.5 (on ABX) is 55%.  For the moment we have no idea where gold or gold stocks will go. But this is a-b-c and that is a correction so unless it somehow morphs into a 5-wave sequence we will continue with a bearish bias.