the games up, page-52

Personally i don't think the gold bull market is nearing conclusion (though it's important to remember how volatile gold can be). The distortionary effects of QE won't present for some time and i think people are more than happy top keep buyinmg gold.

- When you adjust gold for inflation (in terms of USD) the high reached in 1980 would equate to over 2,500 poz in todays terms, so whilst we are at a nominal high, we are still over 1,000 poz from reaching the previous peak in real terms.

- As some people have rightly pointed out (Peter Schiff being the most well known) GOLD's value realtive to the Dow and other markets is some way off previous peaks in the price of gold.

So it's difficult to predict, but persoanlly i think it's got more legs for at least the next 3 or 4 years. I think it will be over 1,600 poz by year end, and perhaps greater than 2,000 poz at the end of 2013.