Hi mja, well depends if you view gold is in a bear market. Short term a lot of things can happen & yes gold could easily come down from these levels on technical or speculative selling in the short term. However long term or even medium term for that matter imo gold will be a lot higher than where it is. Gold has detatched itself from QE stimulus bubble that got it to $1920 & I think this in the medium to long term will be healthy for gold. The Fed has no choice but to continue with QE due to the Governments inability or willingness to face the music & raise government revenues to reduce mounting & soon to be crippling debts. So the stock market rallies on the basis that the printed money has to go somewhere that has a return higher than zero % interest rates. This is not a good or valid reason for stocks to rally & as they do that yield diminishes & we will be at a point which imo we are already passed that the stocks are critically over valued. If you look back at gold over the last 10-12 years it is still well and truly in a bull market. If gold goes below cost of periphery production at say $1200 & pushes lower & stays there then, I will agree with you that gold's days are numbered as that will actually cut production & would display a lack of appetite for gold. However whilst 2/3rds of the global population are still in love with it, I am enamoured!
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