Seems everyone on this thread loves gold a little too much. It has threatened $1000 3 other times in last 18 months and on each occasion couldn't hold and retraced fairly hard. First time it did it in March 2008 it actually had inflation, rather than just fear of inflation, and it couldn't hold. Then in Feb and May of this year, it had safe haven and weak US dollar buying, but again, couldn't hold the lofty heights.
Don't forget that gold went from $680 in 1980 to $260 in 2001. 1980 was end of the oil fuelled stagflation of the 70's. Given renewables are suddenly being explored by every man and his dog as an alternative to oil, could we see the same thing here??
Ascending triangle + logic suggests that gold will eventually break and hold $1000. Just not sure that it is right now. Global inflation is below govt target rates. OK so the US fed wants to print money to induce inflation to artificially reduce their debt, but they won't allow it to get out of hand, as serious inflation is a far bigger threat than too much US debt. Weak $US is a pain, but can be overcome. GOld is a sentiment commodity, and with all sentiment investments, when the sentiment turns the other way, boy can it hit hard.