The Canadian and european gold charts are in an earlier wave sequence than the USD gold chart. While its difficult to predict the sequence of events that would create the momentum towards further and extended foreign currency rises, there are issues for the euro ahead should Italy drop out of the single currency .

Im reading thoughts about the housing situation in Canada. A recession is about going into low level GDP /negative rates. In the US over a period of at least 6 months. A downturn in one sector isnt a recession unless its extended and has an impact on total gdp (including services).

The housing market in Ireland for instance is said to be in a bubble. The reality of the situation is that 60% of the Irish housing market is in and around Dublin, where semis have been sold in the hay day for a million euro. In areas of rural Ireland however, rises have been only in line with inflation, and are still within the earnings scope of 2 people x 4 income, which isnt a bubble. There's also a relationship with rental income. Mauldin produced a study a few years ago, maybe googled on his site somewhere.