US Global Investor:
Year-to-date (YTD) a large performance spread has opened up between U.S.-listed large capitalization gold stocks and the mid-tier intermediate and junior gold companies listed in Canada. The XAU Gold & Silver Index (10) is up 24.91 percent YTD while for local investors in Canada the S&P/TSX Global Gold Index (11) is down 1.92 percent YTD, a performance gap of 2,683 basis points. Even factoring in the increase in value of the Canadian dollar this year the performance gap is still 1,017 basis points. More than 40 percent of the XAU Gold & Silver Index is composed of just two companies which are up 80.44 percent (FCX) and 33.12 percent (ABX) YTD. Historically, such a performance gap can be closed by a decline in large capitalization stocks or a rise in the performance of their intermediate and junior peers.
For the week, spot gold closed at $783.75, down $40.05 or 4.86 percent. Gold equities, as measured by the XAU Gold & Silver Index, fell 2.87 percent for the week. The U.S. Trade-Weighted Dollar Index (12) rebounded strongly with a gain of 1.46 percent for the week.
Strength
Several large equity issues were priced successfully this week. In the first case, one of western Africa’s larger pure gold producers closed a $212 million offering with a strong vote of confidence from their shareholders that they did not want any of their future gold production sold forward through a hedging transaction.
The second offering was an initial public offering of $1.3 billion which marked the launch of a royalty portfolio largely composed of precious metals.
Gold ETFs continue to gain traction with investors, particularly institutional investors, although retail buying has been significant. The South African equivalent of gold ETF's reported a 100 percent rise in assets on a year-to-date basis.
Weakness
Gold prices fell this week partly on a recommendation from the Chief Economist at Goldman Sachs to sell gold on expectations of a turnaround in financial markets and a slowdown in the fall of the U.S. dollar. 
One of London’s jewelers issued a profit warning after reporting jewelry sales were off 7 percent for November.
Gold de-hedging slowed markedly in the third quarter with only 980,000 ounces or 31 metric tones being closed out for the period.
Opportunity
The World Gold Council highlighted that they expect gold demand to set a new record in China this year as robust economic growth and slightly higher inflation numbers have raised demand for the precious metal.
This week it was reported that China lifted import restrictions on silver that have been in place for the past eight years.
Platinum rose as we closed out the week on news that supply cuts in South Africa, largely due to work stoppages brought on by safety issues, may cause output to fall short of demand by as much as 265,000 ounces this year.
Threat
Threats to new mine developments, even in Canada, took center stage this week as construction was stopped on the Galore Creek project. So far, $430 million of investment has been poured into the mine.
Capital cost for construction, which had been in the $2 billion range and ballooned to nearly $5 billion, has now placed the viability of the project into question.
Potential sovereign interdiction by a national investment fund with the goal of scuttling a major takeover and consolidation in the iron ore industry, was discussed in the press this week.
:D..tausche Oil gegen Gold.