Newmont mining Elliot wave count update and Gold Industry short review

Since the acquisition of Placer Dome by Barrick Gold corp. (ABX ) Newomont Mining Corp.(NEM) is no longer the biggest miner in terms of gold ounces production.
Newomont Mining Corp.(NEM) is degraded to the second position and the Enlarged Barrick Gold corp. is holding a very large hedge position. Estimated by the Q405 hedge book publication of virtual metals at 12,500,000(ABX) + 7,496,000(PDG) = 19,996,000 Gold ounce short position. Newmont Mining Corp.(NEM) still remains the highest USD trading volume stock, component of the S&P 500 Index and also included component at:
AMEX GOLD BUGS INDEX (HUI) ,PHLX GOLD AND SILVER SECTOR IND (XAU), CBOE GOLD INDEX (GOX) and Dow Jones Gold Mining Micro Sector Index (DJMSPM).



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Spot Gold (XAU) & Silver (XAG) charts

HUI/XAU Ratio

commodity charts