Gold is pretty much like a falling knife. If you buy too soon you might get knicked. For all the rest of us, I guess we were all taken by surprise when its price fell off the cliff. Gold is approaching being off 40% from its all-time high. In the early 80's gold came down about 65% from its January 1980 high. Personally, I would rather be making predictions of short and long term highs as opposed to be making evaluations with mostly losses at where the bottom of this smash comes in. Currently, I respect Martin Armstrong more than anyone and he basically says, the June monthly close will be a monthly low and in July the intra day low will be it. At least that's how I am reading him. Where those prices come in, I have no idea.