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The gold price experienced a significant, and possibly historic breakout in June. We have commented extensively about the long six-year base that had formed around the price of gold in the $1,200 to $1,300 per ounce range. The technical price ceiling over this base period was $1,365 per ounce. During June, gold blew through two formidable technical barriers. The first was $1,365 on June 20, followed by $1,400 on June 21. It reached a six-year high of $1,439 on June 25 and finished the month at $1,409.55 for a gain of