Anything is possible, but I doubt that will happen.

1) Long term trend line drawn from the start of this 8 year bull market is approaching $700. A significant break would end the bull market IMHO. I don't think this story has ended yet.

2) A bear cross (200/50 dMA cross) occurred in Sept presaging the move down to $681; a bull cross occurred in February - this is an extremely reliable intermediate term indicator. We're going up.

3) Virtually all currencies are printing POG records at present. Jeff Gordon doesn't suddenly head down the track in reverse at 200 MPH. Neither does POG.

4) Fundamentals always matter, but especially when the technicals support it. The world money supply is growing at an unprecedented high double digit rate. You don't get any more fundamental than that.

Guys, there is a reason why gold was one of only 2 major asset classes that were in the green last year. No way 600 this year IMHO.

Strike