I think that POG is far from its peak in this bull market. Some experts say that inflation is baked into the cake, but it will not even show up noticeably for several more years. An economic recovery may be the first step, accompanied by a significant decrease in the unemployment rate and an increase in personal bank loans. Real Estate will rise in Value again. When the banks lend under the fractional reserve system guidelines during a time when the economy is heating up, they will lend out 9 times the amount of money kept in their vaults. The increased money supply will spark strong inflation. Then, the FED will begin to reduce liquidity and raise interest rates to start to cool the economy down in an attempt to control inflation, but I think that inflation will be very big during this particular cycle, and it will take very high interest rates to bring it under control (maybe 18% or more). I think that gold will rise well into the phase where interest rates are being hiked to control inflation. Then, IF they can get inflation under control, then I think that gold’s peak will happen just before inflation is defeated, and it will be partnered with a parabolic rise in gold prices, where the price will spike very rapidly over several days/weeks before the actual peak is reached. If for some reason they can’t stop inflation this time around, then our monetary system is doomed, and gold will eventually be worth infinite USDs, similar to what happened to the last Zimbabwe currency. The USD would need to be replaced by the next unit of currency if that occurs. I doubt that will happen, but I think that gold will see much higher prices from today’s mere $1,100 an ounce, and the gold bull market will last for several more years from now. I think that a sense of gold’s ultimate peak will come by keeping an eye on the economy, the unemployment rate, inflation, interest rates, and gold’s parabolic chart pattern. A whole different picture than what we are seeing today. All JMHO.