I subscribe to stockcharts.com (which I HIGHLY recommend for good common-sense technical advice on the market and great chart tools. Here is an excerpt from yesterday's message. All positive for NG!!!!

"INDIA CENTRAL BANK BUYS A LOT OF GOLD... According to Bloomberg, India's central bank purchased 200 metric tons of bullion from the International Monetary Fund. The purchases took place between October 19 and 30. Bloomberg claims that to be the largest single purchase by a central bank (in so short a time) in thirty years. It's now believed that other central bankers (including China) may soon follow suit. Why would they do that? In my view, it's because they've lost confidence in the U.S. Dollar and can't find another reserve currency to take its place. That leaves gold as a currency alternative. Everyone knows that a falling dollar pushes gold higher. What they may not know is that bullion is also rising faster than all the world's currencies. To illustrate that point, the following charts show gold rising in terms of the Euro (Chart 3), Pound (Chart 4), Swiss Franc (Chart 5), Yen (Chart 6), Canadian Dollar (Chart 7), and Australian Dollar (Chart 8). The Aussie Dollar has been one of the strongest foreign currencies. Chart 8, however, shows the GLD/XAD ratio breaking out today to the highest level in five months. That means that gold is now outperforming the Australian Dollar. What better place to look for an alternative to those currencies?"

You'd think China would not like to be outdone by India. Are we facing a true gold rush?