Physical buying is strong, and the market has brushed off repeated selling from the Dutch central bank, while reacting positive to a announcement from Placer Dome that it would suspend hedging. This is strong market action, validating the view that gold is primed for a major move. If the dollar starts to weaken, then gold will really start to move. In the meantime, the senior gold stocks are cheap relative to gold. To some extent, the market major does not believe the move; we’ve had false moves before. On balance, we want to be exposed to gold and, particularly if you are underweight, you need to avoid the temptation to take profits too early. Buy Franco-Nevada, Harmony Gold, and Meridian Gold.