target 14 cents based on profit forecast, page-8

regarding the POG.
There are 13 reasons to be nervous

1. The largest ETF, SPDR Gold Trust (GLD), is on track for its biggest outflow since August 2011
2. Hedge funds and banks have been liquidating their positions – long holdings in GLD are the lowest in four years
3. Gross short futures on gold are close to a record high
4. There is a distinct cooling at the US Fed for quantitative easing
5.The structural role of gold when it comes to monetary policy is being questioned
6. All the talk about "currency wars" did not, as expected, benefit gold
7. The renewed appetite for riskier assets like stocks and bonds which unlike gold pay interest and dividends is causing rotation out of gold
8. Gold's role as a safe haven against systemic risk is slowly fading away
9. An improving US economy leading to a stronger dollar is hurting gold which tend to move in the opposite direction
10. Anecdotal evidence from online gold stores suggest retail buyers of coins, bars and certificates have unprecedented fear of further price falls
11. The 2,000 tonnes held by ETFs could flood the physical market when investors exit
12. Number one consumer India is actively trying to throttle domestic gold demand
13. Even robust physical demand from China and central banks will be overwhelmed by the much bigger financial transaction side of the market

we approaching a crucial support level and if we break that the POG could fall to 1200.
I hope I am wrong because all the miners I have in my portfolio got hammered to a level that I am stuck without taking serious losses