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Personally, I believe that gold is tracking the Euro closely at present, because the ECB has everyone convinced that it is serious about tackling inflation. Compare that with the US Fed, where everyone knows they have thrown their inflation mandate onto the garbage heap, in order to prevent what they see as Armageddon.

The present ECB cash rate is 4%, while official Euro-zone infaltion is 3.6%. Should the ECB ease, or should the inflation rate rise above the official rate, I would expect gold to de-couple from the Euro's movements.