Down because gold demand is not picking up. Seasonal factors muted this year as Indian demand down a lot plus Chinese imports have probably peaked for now, and they could face some sort of economic dislocation due to past excess credit creation/property speculation.
My bet is no QE tapering in December but it is getting nearer so why buy gold in a low inflation environment and strong returns from other investments, will be the thinking of US/European based traders.
If the US market were to tank then expect carnage (well just say even more carnage) to the POG and goldies.
USD1200 is my guess for EOY - with a bottom in the USD900-1000 range in 2014-15. POG at USD2500 in 2020, unless many other countries collude against gold and do what India is now doing to gold.
Gold to finally bottom in the second half of 2014 or sometime in 2015, and hopefully no later, otherwise almost all the goldies will be carted off to the glue factories.
loki (sorry for being so pessimistic, but the light at the end of the tunnel seems to be coming from an oncoming train.)
