Here is a commentary from an analysist who's opinions I respect. It pretty much matches those of others I've been reading recently. Indirectly, these opinion are largely suggesting that Wall Street has been delivering false signals of late, and that big trend reversals are soon to be seen.

http://www.321gold.com/editorials/chapman_d/chapman_d_100414.html

EXTRACTS:

"The US$ is under attack from both China and Russia in particular. Gold is cheap right now but everyone is reminded that during the deflationary 1930’s gold rose both officially when FDR raised the price of gold in 1933 and gold stocks rose over 400% even as the Dow Jones Industrials (DJI) was losing almost 90%. Gold is driven by fear. Fear of monetary collapse. Right now it is the US$ that is benefitting but when the US$ turns as it has in the past in 1985 and 2002 gold prices rose sharply. The previous sharp rises for the US$ played out over five/six years. This time the cycle is liable to be considerably shorter..."

"China wants to hold as much gold reserves as the US holds. The US holds 8,133.5 metric tonnes of gold or 261.5 million ounces of gold. China has roughly $4 trillion of foreign reserves. China could buy all of the gold reserves of the US ... (for) ...only about 8% of China’s foreign reserves."

"The current rise in the US$ has been almost straight up with little or no correction."

Consider the above in light of the fact that a by national referendum in Switzerland on Nov. 30, the Swiss National Bank may be required to up gold reseves to 20 percent from 7.5, adding 1,500 tonnes to market demand over the next three years.

Note once more that POG is within it's range for a triple bottom (1180-1200), and I would think us gold/metal bulls are seeing the light at the end of the tunnel. By the way, POG in Asia last night fell beyond the NY close to 1190.

Hang on, I think a bounce in coming.

VP