Let's not forget that gold started the year in the 1300's and was under 1500 a mere six months ago. The rapid rise from 1500 to 1900 was orchestrated by COMEX to produce the present scenario of little resistence from the highs down to the June levels. Comex has been selling paper above 1500 for about 6 months now and of course us Gold Bugs believe that they cannot deliver so they must get the price back down to the 1500's in order to put the December Contracts in the red. If you look at the yearly chart you can see how easy this bear attack has been carried out.(aided by MF global collapse). My prediction(free advise is only worth what you pay for it) is for them to spike it back up after the December contract. That way they do not have to sell many contracts at low prices that will need to be covered later. The quicker they can get the price up the less resistence they have on the following attack. If the fiat collapse is on schedule gold should be up about 20-30% in 2012 from these levels which in my humble opionion should put POG around 1850+

PS

I know nothing and am just a thinker that thinks out loud. If anyone thinks my thoughts are stupid, feel free to let me know as I also have thick skin (lol)