Indicators that Holmes watches to read the market's pulse, and why a +/- 35% move for gold doesn't keep him awake at night.

"Because we didn’t follow the herd, all our businesses remain profitable at current spot prices," says CFO.

Low all-in gold cash costs are a good thing, says London-based GMP Securities Analyst Filipe Martins, but they don't tell the whole story.

Michael Fowler, senior mining analyst with Toronto-based Loewen, Ondaatje & McCutcheon, predicts when gold breaks out, mining M&A will take off. He expects the major producers to lead the next rush of M&A.

The average score across ADRs is 52.81 this week, below the four week moving average score of 55.70. The average ADR is trading -19.05% below its 52 week high, -1.50% below its 200dma, has 4.26 days to cover held short, and is expected to post EPS growth of 21.22% next year.

Commodities have provided a higher return that financial markets thus far in 2014. Is that an important message from the market? Analysis of U.S. consumer price index suggests a strong possibility of rising U.S. inflation.