The inverted chart for GBN.V shows that the GBN.V share price was anticipating a top in the long dated treasury and lends credence to the idea that black-sholes modelling is being used to trade the shares against treasuries, and that this is the basis for an equity swap formula.

http://scharts.co/16dStif

$USB Weekly

Long-dated bonds in the U.S. Have made a parabolic move and should reverse soon. It's at an overbought extreme. Note that DUST took the place of $USB as gold prices corrected. Gold prices have lagged bonds on this run-up.

http://scharts.co/18tGQrL

$Gold:$CDW Monthly

Gold prices in $CAD have clearly broken out, and are some $250 higher per oz. than the number quoted in the 2Q report for an additional phase in development. Presumably this means the engineering report withheld since last year.

http://scharts.co/1p2ktTC

$Gold/$Silver Weekly

My guess is that the gold/silver ratio will continue on its trend until you have a moving average crossover. The 'buy point' (which is the inverse correlation of the shares with the ratio) has begun to turn up and any reversal in the gold/silver ratio means a sudden price change is in the cards for GBN.V shares.

http://scharts.co/1bZ1HW5

21-month cycle

The gold price will probably rally until the next correction, which my guess would be the next 21-month interval. It's interesting to note that all of the price inflation claims of the past several years have not materialized, especially with the collapse of the oil sector and copper price rout.

The 21-month cycle does not pick out bottoms, but major price swings which normally would come after a top in the market.

http://scharts.co/1BD6jgj

Gold Feb 2015/June 2020 Spread

The reason why I would maintain that gold prices are meant to advance is that both copper and oil had persisted in backwardation for years before the rout. Gold futures have not gone into backwardation, though silver prices have persisted this way for some time. This is also the reason why I can see a gold price advance vs. silver.

Gold futures should eventually rise into backwardation, meaning the bull market will continue until that is achieved.

http://quotes.ino.com/charting/index.html?s=NYMEX_GC.G15_M20.E&v=dmax&t=l&a=0&w=1

-F6