Basically the gold story last week was all about the Tokyo Commodities Exchange doubling the margin requirements on gold. Today they reversed their stand, so the metals are rallying again.

Shares of the North American goldminers made a major high last Monday and, with the dumping of gold in the futures market, sold down till Wednesday, then traded strongly higher into the close on Friday.

So the stocks last week turned relatively much stronger than the metal, which typically happens when the gold bull starts to run.

This morning Placer Dome has announced a major expansion in reserves in a gold mine in northern Ontario, so PDG will likely rally (although it is slow so far). The other goldminers are up sharply. The TSX goldminer stock index (XGD) is up to $59.88 from Friday's close at 58.80. Excellent for me.

P.S. at 10:37 am, my fine feathered friends did a fly-by, maybe fifty feet direct ahead.