I agree with your sentiment.
It is also interesting that Central Banks are buying tonnes of bullion. In Russia's case they are divesting $US for gold as their reserve. Even Hungary has been a big buyer recently.
Some analysts are calling this the bottom in the gold price. I think that it may be range bound for a while until after the US mid-term elections and if the Fed raises rates in December and the dollar devalues there could be a move to gold.
Just have to see how it plays out.
