Gold in U.S. dollars has been lagging due to deleveraging and whatever else may be pushing the $ higher; but don't let that fool you regarding what has been happening in gold.

I was just thinking the other day how much I would like to have a currency index which included all the major currencies appropriately weighted to compare against gold. Well someone had that idea way before me and has posted their results. Though I do not know how their index is made up, since they were way ahead of me I assume they did it better than I could have anyway.

Technicians were impressed. Long-term chartist Martin Pring is deflationary-minded at present. Two weeks ago, he remarked that if certain trend lines were broken, "I would be dragged kicking and screaming into the bullish camp." But now he simply says in his recent weekly Intermarket Review: "Not much to add to my recent bullish comments. Both the metals and shares recently broke out of giant patterns. ... With our Global Gold Index at a new all-time high, enjoy the ride!" (emphasis mine)

more at link

http://www.gata.org/node/7173

Also check out Ted Butler's article for the week posted on the same site. It seems the silver situation is also about ready to come to a boil.

P.