Looks like it to me! The more "they" try to manage markets, the more pressures build for an eventual and explosive correction.

EXTRACT -

"Gold first closed above 1200 almost six years ago on 02 December 2009. Inclusive of that initial foray into what was then uncharted territory, Gold has moved from the 1100s up into the 1200s 20 times on a closing basis, the most recent occurrence being this past Thursday. Each instance of closing a session by having crossed the threshold back up into the 1200s makes us anticipative that we can wash our hands of the 1100s "forever!" The only problem with our spirited assessment is that all 20 upside crossings have eventually succumbed back down in the 1100s, this latest instance seeing Gold settling out the week yesterday (Friday) at 1198."

"Moreover, any merriment in having achieved 1200 time-and-again borders on being moronic given that such level is anything but celebratory. Rather 'tis downright depressing, if for no other reason than by currency debasement alone, Gold ought today be 'round 2500..."

http://www.demeadville.com/280315_The_Gold_Update.html

IMO, the current POG is irrational, given the fragile state of the US economy, and the growing disenchantment with the dollar as the world's reserve currency. Last week I read a number of articles about plans coming from certain central banks to move from dollar reserves to a new reserve curreny being created by China and Russia, and even some Euro-based countries are announcing their support.

...and today Yellen is again jawboning strength into the dollar, when there is little chance the Fed will actually raise interest rates (except, perhaps, in some minor and shot-lived symbolic way).

I'm thinking that without the massive contributions to our economy from fracking, we would be "dead in the water" now, and only another such miracle will save us from a dollar collapes.

These are certainly interesting times.

VP