There is no economic momentun in the market to take gold back to highs and also the recession will result in a slow bleed to new lows.
Its like watching a knife fight in slow montion, lots of small cuts untill the final blow. There is universal instablity in the world which results in the USD being a safe haven and gold is abandoned.
I think there will be a finanical melt down that will make 2008 look like pocket change. I think that governments around the worlld will need to find trillions to bail out banks. I have no idea how they will achieve this. This is a corner that I can not see a way out.
gold outlook bad for RMS, page-12
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