I think the current gold cycle if not broken will be diminished. The normal cycles are based on jewelery demand. Investment demand will probably be a much larger factor going forward. Throw in a little manipulation (maybe a lot) and things could be far from normal.

My current strategy is to hold a core position in the good pm producers and then use trading shares to lower my total costs as the market moves up and dow while we wait for the real bull market to get under way.