gold price target $600, page-31

If the market was irrational as you say, the US stimulus wouldn't have sparked a gold bull market. It would never have reached $1900 usd. The gold price would instead kept falling below $700usd ounce.

Also the market wouldn't start selling gold when the fed announced it was ending the stimulus.

Those two factors alone indicate the market is rational.

The market might be fickle but not irrational. The market is fickle because it's conservative.

It seems you are making off the cuff statements.

If you cant rationalize the way the market operates, it doesn't mean the market is irrational.