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Tetlom,

I've got no idea why gold is holding at $1600. Because it doesn't have a P/E no one on Earth knows how to value gold, except for one person.

Jim Rickards, who says it's worth $12,455.

Follow the cenral bankers at your peril, they're just as prone to herd instinct as everyone else, a few of them will be licking their wounds and hoping the general populace haven't noticed that they've bought tons of gold at extortionate prices.

The weight of evidence suggest to me that gold's headed for a fall, not the moon, for the following reasons.

USD grossly undervalued.
Stock Indices all looking pretty good.
Economic numbers including housing just out, well up.
QE3 a dead duck.
Many analysts suggesting stocks are a buy and indices will finish the year much higher.

Here's a question Tetlom and if you get this wrong stick with putting your money in the bank.

Stocks have had their worst 10 years in decades.
Gold has had its best 10 years in decades.

Where do you stand the best chance of making money?
(Hint. The DJIA has doubled in the last 3 years)