Here's a pretty pessimistic view (to which I do not ascribe) on the direction of gold:
"Head for the exits Commentary: Gold has likely topped
By Tim W. Wood, Cycles News & Views Last Update: 1:19 PM ET Dec. 9, 2004
GULF SHORES, Ala. (Cycles) -- It's truly amazing to watch the sentiment pendulum as it swings from one extreme to the other.
At the 2001 bottom, everyone everywhere was totally disgusted with gold. When I suggested buying gold I was met with rejection, "Gold is dead" to quote my critics.
Here we are some four years later, gold topped $458 last week - a three year high. On Wednesday, gold fell more than $15 and continues to drop as of this writing. Gold bulls are calling this a "simple correction" but I'm here to tell you that the pendulum is swinging back .... "
FULL ARTICLE AT: http://cbs.marketwatch.com/news/story.asp?guid=%7BF8286A5C%2DDDDE%2D4C6E%2DB7CF%2DEB8BEB4969BF%7D&siteid=mktw&dist=
