can we safely say the bottom is in, page-124

"Yep probably right, but I think 1250 will be it. Bottom so far was 1180 and I am convinced that that is done and dusted.
GLD have halved their inventor, and demand is only growing. I am going for over 1400 this year on the back of China and India buying up big and the inevitable correction in the equities markets that everyone knows is coming but just keep pretending its not."

When the price of a particular good falls introductory economics tells us that if all else stays the same then the quantity demanded of that same good should increase. This means that since the pog has been falling it is natural for us to expect the quantity demanded for gold to be on the increase in India and China and to a certain extent elsewhere, probably putting, if nothing else changes, a floor on falling gold prices.

However there is no guarantee that that will happen because if something else changes then the demand curve will shift either to the right or to left causing the pog to move either south or north, and imo there are plenty of potential events out there capable, if they come to fruition, of making the current gold price to look either ridiculously low or high.

Curiously, of all these possible events Harvett has only identified one, namely "the inevitable correction in the equities markets". The problem imo is that even if that comes to fruition, Harvett may be in for a rude surprise. I say this because it will be happening at a time of very low inflation expectations, interest rates against the zero lower bound and cash and bonds competing with gold for the status of safe heaven assets. In plain English, this means that people under these conditions may turn to cash and bonds instead of gold. Besides, if the correction is expected by everybody as stated by Hervett then the speculators would have already taken their positions making it unwise to hope for the pog to go much higher.