G'Day Grant, I'm afraid I can't agree with your analysis. Gold is at the beginning of a long-term upward movement. Why? Because the world is waking up to the fact that you just can't go on printing money simply because you have a printing press. The break down of monetary discipline by the US in particular over the years since Nixon finally disconnected the last bit of the dollar from gold will lead to increasing suspicion of fiat currency in general and the US dollar in particular. In a sense, that's what this coming war is all about. The massive budgetary deficits proposed by the US will not help. The day of US dollar hegemony, I believe is coming to an end and gold will once more play a role as currency or at least currency backing.
Already we are seeing countries moving to gold (viz the gold dinar). Already we are seeing an increase in the number of gold "products" (ways of dealing and owning gold) moving into the market place.
Despite the greatest of eforts by worlds central banks to discredit gold, I think they will ultimately fail.
