A few months ago I pointed out that the POG was approaching a triple bottom beyond which it would break strongly one way or the other. I expected that breakout to be to the upside.

Gold, however, continued it's downward trajectory well below it's triple bottom. Since then, POG has recovered strongly with only a few down days in the last 4 weeks. It's up around 120 bucks in this time, a strong and significant move in a short span of time. Perhaps the break below the triple bottom was merely a forewaring of how strong the correction might be when it finally came.

Evidence and learned opinion now suggest "we are there", in a bull market for gold, precious metals and mining stocks (with exploration mining stocks soon to follow).

Very strangely, though, moves by varous European central banks in recent days, which should be strongly bullish for POG, have had minimal effect. ...banksters at work interferring in markets?

Meanwhile demand in the physical market continues to explode, and high on the lists of buyers are Russia, China and India. Quitely, too, I hear that the US has returned the gold to Germany that was being held here, and which the US had earlier reported they would only be able to return in stages over a period of years.

Anyway, and despite the speed of money slowing across the globe, more and more money is being printed, which increases demand for gold - and later on for other commodities as additional proxies for money.

In summary, I think I'm beginning to see a "red sky at night" for metals and mining stocks, but other sectors are in a different universe, perhaps under ever darkening skies.

Here's what the Saudi's think.

The EU is the world’s largest economy, not the United States nor China. Its decision to join the currency wars in weakening its currency through electronic money printing is hugely important. The euro could well return to parity with the US dollar and as gold is denominated in dollars that will put a rocket under the gold price in euros too.

How long before another $100 is added to the price of gold? Once chart breakouts occur the movement to the upside is usually sharp and swift until it hits another key support level. We could be talking about $1,400 an ounce in a matter of weeks… [Emphsis added.]

http://www.arabianmoney.net/gold-silver/2015/01/22/gold-chart-shows-a-decisive-breakout-from-three-year-correction/