bullishand VERY bullish if we close above MA 50-week of $4.48 USD (or $5.62 CAD) before end of November.
December tapering will mark the official start of gold price's next leg up. The dovish Fed is thinking stock crash pain and the political reprecussion is immediate....whereas inflation, well, we can fudge the numbers nobody really knows anyways, pass the puck to the government to pick a few things to price control and perhaps hand out more universal stimulus...the Dems loves that anyways. And of course...STOP THE TAPERING halfway through if necessary.
Like I said, I think the bond purchasing is the norm and it is the tapering that's transitory. We are going to war with China....and in huge debt...out of the worst global shutdown in modern history....we need MONEY and that's more important than inflation of 5, 6 or 7%. These days I bet Fed won't do anything until inflation is 15%+ or widespread social unrest, which there won't have any as long as you bride the people from time to time. Get ready for prolonged inflation and devalued USD.
Much of the same can be said for EURO and any major currency/countries.
Everytime you think gold is overpriced you need to take a step back and think about the big picture and where the path of lease resistance is for the Fed and governments.