fundamentals, page-11

1 day later and you can see why I don't place too much value in short term predictions on POG.

Ben speaks and short term players react.

However the big picture doesn't change.
Money supply has increased far more than POG so the long term up trend in gold should continue until it catches up.
That's a straight forward analysis.

Everything else is complicated.
If/when the fed senses the economy is strengthening, they may slow bond purchases (some hint of that last night). If/when they do slow purchases, interest rates will rise because of the reduced purchases and because of the market sensing a strengthening of the economy.
Those rising interest rates may then put a quick end to any recovery considering the huge debt levels, and then back to where we were.
If higher rates don't stop the economy growing, inflation is almost certain to pick up and that should be bullish for gold especially if the fed can keep interest rates under control. As long as inflation is higher than rates, that is bullish for gold.
Might be wishful thinking though that the world economy is set to grow significantly any time soon.