gold, page-165

The recent increase in ECB QE and rate cut sent gold surging. Equity markets dropped.
People are losing faith in the central banks.

Your opinion is that a resumption of US QE and rate cuts will be bearish for gold, based totally on what happened under QE3.
Circumstances may well be totally different during a future QE programme: inflation could be on the boil already due to a spike in oil prices.

We cannot see the future.

You are entitled to your opinion.