$Gold Monthly

Today's action in bullion prices confirms the bottom @~$1179US/oz.

Given that the last 12 years of data has conformed with a One Wave extension in an elliot wave paradigm, it's very probable that the outcome will eventually conform with the same. You can get an indefinite series of extensions, but the format is pretty clear at this point.

That would mean a five-wave high of ~$2971US/oz. After this a 50% correction has to be factored in, so a long-term outlook of $1485/oz. should not be out of the question. Gold prices might range about 10X the low, because of a critical loss of purchasing power of currencies since 2002. ($1500CAN/oz. means GBN.V has ample room for production growth.)

This precludes any gold price fix, or devaluation against bullion by central banks around the world.

Publicly-traded gold miners are exceptionally well positioned to become a coveted asset, rather than bullion. They are a mere vehicle for derivatives trades using equity swaps and have become a discarded asset at the moment.

This chart will update at the close.

http://scharts.co/18SFo10

The implication for RealTerm's Dax In Gold is Euro parity with the dollar:

http://scharts.co/18SFo10

-F6