I agree that gold will outperform NA equities but will move with the rest of the commodities, as the CCI suggests that we have only experienced a sharp pull back in the long term bull market which started in 2000 or so.

I am saying the current bull market in equities in all sectors will continue for the next 1-2 years albeit lagging behind the emerging markets and then I think we'll be confined into a sideways trading range with no severe October style crashes due to the market correcting for the inflationary environment we'll be in by then.

In any case this is all an excellent scenario for junior gold and silver producers to be in and that's where I plan to be invested in. Now if we only had the permit we'd be GOLDEN :)