***Founders: Special Hartnett Addendum

Institutional Level Analysis

Housekeeping: The attached written insights are proprietary and private. But the charts are not. Feel free to share these with your own explanations as much (or anywhere) as you like. Any feedback you get from technicians, if you care to share, can be helpful to all. We’ll be doing our own second level work tomorrow on this info and will share if any good patterns are obvious.

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Founders: Here is a trading “secret” for you all mentioned in the past restated.

• In Gold, Funds determine direction. Banks determine magnitude of direction.

What follows is a practical application of that concept for traders and investors.

When you know the behavioral pattern of investing participants (i.e. fund flows), you can handicap initial direction of price relatively easily. You will be correct much of the time.