key, it's complicated and I don't think yu realize theis.
There is inflation in the US economy which has been fueled for the last 5 years by the FEDs zero interest rate policy. Business and financial markets have reacted quite predictability to this with cost flow ons running all over the economy. Borrowed money is cheap.
The FED realises this and will have wound back their QE program by next month. They are doing this because they see inflation rising and will next move to rising interest rates to quell inflation.
This could be as early as November (though unlikely) but markets will be preparing for the eventually.
Next year the talk will be about inflation in the US and deflation in Europe but interest rates will move up in anticipation of a rate rise. Gold should therefore move up as current inflation rises.
Then there is the re-balancing of markets held at artificial levels. If interest rates in the US don't nove above say 12% within a year the market may well drive them up in a bond market run.
Gold is in an up trend that is a given. The obvious question is when will it become apparent to those who cannot see. When they do there will be a stampede.
I trade gold, oil, gas, indices etc etc and have to view things differently. I must be able to analyse all types of markets because there is dependency around many markets to each other.
