I have not said in the very near future, in fact what I have said is that gold will probably head to $800 based on historical evidence. And historical evidence is...that this gold bear market could go for 20 to 30 years.
Gold is no longer fixed to currencies, it's a vehicle for speculation and for those that feel as if they're being victimised by the banksters and the riggers. Gold does have its uses but is no longer the safe haven it used to be, which is why the price is declining.
There's also the goldbug community which ascribes to crank theories which are endlessly entertaining, I won't elaborate because we all know what they are. You know, Russia and China are hoarding gold (no evidence), the USD will crash, fiat money will evaporate, gold will go to $10,000 etc. etc.
Do you think I should abandon the gold forum because I have a bearish view? Is that right?
On rare occasions I speculate on gold, I short or I buy an Aussie producer, but the price of gold worldwide is measured in USD and there's no shortage of it, as I posted the other day there's about 8,000 tonnes in LBMA vaults in London.
