Thanks Baires: He may be right, but I remember April, 18 months ago, the dive which came more or less out of the blue. If cycles are the only factor, why is there so much uncertainty all the time? What about the COTS, sentiment, manipulation, etc.? The analyst I follow predicted last week that gold was about to rally, his analysis seldom fails in my experience but this one has - so far anyway. His system includes cycles but also a number of other factors. Perhaps he may be right after all and this will reverse before it goes any further? Interesting and frustrating dilemma. Ike