Monthly Gold Chart

The Monthly Log Scale gold chart is showing a possible breach of a 12-year longterm trend line, set in 1999. This means this development would be 12 years in the making. That would also indicate that the gold price is entering into a 3-wave extension(or at least qualifying for it), the most lengthy portion of its rally.

The 40-year inflation adjusted average for gold prices calculated in 2009 by shadowstats.com was $1673/oz. U.S., though it has probably appreciated into the range of $2000/oz. U.S. by this or next year.

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