this is from jim willie's latest essay:

The powerful reversal pattern evident since last October has finally begun to break down. It is in the stage #1, confirmed by numerous sources who note growing panic, growing dismantlement of support pillars, and growing expectation of a major currency event. The cyclicals are all negative and weak. The crossover of the 20-week moving average below the more stable 50-week MA is a strong bearish signal. The momentous pile-on is to follow. The breakdown in progress is sufficient to take the gold price over the elusive 1000 level once and for all. Some veteran sources report that the gold price breakout move might be extraordinarily powerful, far stronger than even the gold community expects. The Chinese are defending the gold price, if truth be told. They have resources, in the form of over $2000 billion in savings (a war chest). They have motive, in the form of wanting to install the Yuan as a global reserve currency. And they are very angry, in particular at bank bond fraud, but also at debt monetization. They abhor a widely understood USGovt policy of trying to inflate the debts away at foreign creditor expense. This is seen as betrayal. Decisions among creditors have been made, and a path has begun to deal with the problem.

http://news.goldseek.com/GoldenJackass/1249628400.php