Sadly, I have to agree with Hrattle....

I have been bullish on gold for years - especially so for the past 2 years. I feel like we just missed another opportunity for jacking up the price of gold when I started reading the drop in retail in India etc... a few weeks ago. India's retail dropped by 70% in Dec according to an article on Kitco. Jewellery is a discretionary purchase for sure.

I believe we are in a saw-off between the traditional consumer and investors buying as a hedge. The one thing that I'm being very careful about... is that gold price is primarily supported by investors now... not consumers. Investor sentiment changes much faster than consumer... so if we have event(s) that improve investor sentiment... the POG will suffer immediately IMHO. Now... having said that... the GOLD mantra is certainly spreading so we may get that hysterical buying by retail investors to push the POG up. Keep your fingers crossed... cuz that will be our day for a Vegas trip.

Anyways... have to watch carefully these days. Everyday is a different story... the VIX remains historicall high keeping the markets very volatile.