Spoken like a true battered gold bull Baba but take solace that things may not exactly be as they appear. Gold much higher this year would not surprise me at all, in fact I would go so far as too say that numerous major investment banks in the US & Europe will be wrong in their forecasts just as the record of the FED has been poor in forecasting economic activities for many years. Most banksters were calling for gold much higher in late 2012 & 2013 with many forecasts above $2000 & even as high as $2400, not exactly what happened. So I am quite happy to see the same banksters with low forecasts for 2014 as the odds highly favour them being wrong.

Contrarian moves seem the new normal in all things financial market related ergo the take down of gold when the most bullish circumstances ever appeared in the fall of 2012 with monster QE in the US going into the spring of 2013 with major Japan printing or how can S&P go so much higher despite low GDP growth, mediocre consumer sales, low PMI or ISM numbers, high joblessness, mediocre earnings growth and poor top line sales growth in most companies. If money printing was good for stocks it should have been great for gold/silver no matter whether the official inflation numbers show a deceptive picture as asset inflation has been high. BTW, very few Wallstreet experts, maybe none, predicted the final S&P results for 2013.

Something more happened on the way into 2013 for gold so for me the lesson is expect the unexpected or be more contrarian as those who have been have certainly made the most money.