Visualize a giant balance scale - akin to the symbol of liberty, only absurdly bigger. On one side is the sum total of all the world's gold. My recollection is that amount increases 1 or 2 percent per year from new production. On the other side are dollars (increasing trillions per year), euros (same), yen (increasing gazillions per year, or whatever), yada yada yada. Which side will rise accordingly? That is my fundamental analysis contribution for the year (what do you expect from a technical analyst?)