fundamentals, page-31

I think gold did respond- ahead of time.
It rallied from 1500 most of the way to 1800 before QE3 was even announced. I think the big boys knew, and the rest of the market expected it was coming before too much longer and anticipated or guessed based on what the big boys were doing.

The link between gold and money supply is dead obvious if you look at charts of gold vs US money supply. The correlation is very strong.
It's the short term volatility that raises the doubts.

What exuberance? A rally might be a better term for it.
Look at NCM, AQG. Near their 12 month lows.

I think many of us might be caught off guard. The POG might rally hard when many have given up and are too cautious to jump back in after a strong rally. When that might happen I have no idea. The market is not easy to pick these days, especially short term and especially gold.
I like to pick gold companies with strong fundamentals and strong organic growth so I don't need to rely on POG for long term gains. I expect the long term POG will boost those gains but shorter term anything can happen with POG and the sp of gold stocks.