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Ed Yardeni of Yardeni Research says the S&P500 will be around 2014 at the end of 2014, up about 11.5% from here. If it's true, gold will have gotten a thrashing as more punters exit the promise of instant riches in precious metals to the recovering world economy and stockmarkets.

The State of California's finances are in much better shape, probably showing up to a $4 billion surplus next May, formerly a goldbug example of the coming world economic implosion.

Yardeni's advice is to buy on the dips, and I don't mean gold.