For the last month gold has been going up and down like a Tasmanian devil on a pogo stick and so has the stock market . Kind of undermines Chris's confident prediction about gold's ever-upward trajectory. I know there is a deflation/inflation debate going on but surely it can't be affecting the gold price several times a day!!
QE2 ended at the start of August. Since then, gold is up roughly $150, depending on what time it is....:)
The up-down we see, IMO, is mostly fear/confidence cycling. "Oh no, it's the end of the world!" followed by "whew! More free money on the way", then back to "Oh no!"
It also could be intentional market manipulation by the big boys that can make money all day long by cycling the markets.
CM is still technically correct, given a one to ten year outlook. Especially look at the 10-yr charts to get a perspective. What has not yet materialized is the drop in commodities, including gold, that Chris postulated. But so what? He's a smart guy, not a prophet!
How can you take a long term projection and say its being undermined by one month worth of action? How about the S&P is down about 10% since the begining of 2011 and gold is up about 27%. You can't look at a VERY short period of time unless you are a trader, and yes I believe one month are a very short period of time. Personaly I see the dips and buy, the longer TPTB push it down the better my buying opportunities.
The price can't rise to fast or it will prove just how worthless the fiat is too quickly and the house of cards(or ponzi scheme if you like) crashes instead of a slow tumble.
This looks like a serious uptrend to me.
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