Gold is like a bubble in a level used in construction. It has a duality, which can be seen as the powers that be, which is an immature view. Instead we must recognise it is a commodity on one side and a currency on the other. It will break out either when a major currency tumbles or when an economy does well. In 2008 the economy did well from qe and the currency tumbled. Truly a 100 sigma event, which may or may not be over. My opinion is that if the US needs to do more qe then we have a repeat as the currency tumbles and the economy is sustained. However, I dont think the growth will come from shale or construction this time. I think it will come from the financial sector.
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Gold pattern pointing up, page-762
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