I don't like the gold bugs and I'm not a believer of the world coming to an end but I'm a believer in gold market at this point, have been quite bullish funded in Dollar, Yen and Euro terms.
The trend is up, the trend has been up for the past several months and I continue to think that as long as the monetary authorities are going to remain as expansionary as they are. And what Draghi said which turned the market, he has made it abundantly clear that he's going to continue to expand the supply of reserves into the system. The Bank of Japan is going to throw more reserves into the system. And the Fed will have no choice to at least hold monetary policy steady, if not become more expansionary following what the leads are from the ECB. So monetary expansion equals higher gold prices. Thats what you got. Don't fade this trend.