RE:RE:RE:RE:RE:down trend Long term gold price is determined by money supply. Shorter term interest rates can cause a negative correlation. One that correlation breaks, a la the '70's, then gold will go up with rates.
There's a lot of pressure by global CB's to keep the lid on gold. The equivalent of all of last years gold production is traded every few days on paper and IMO that is unsustainable in the long term. But who knows how long the down draft will be. In the 90's the yen carry trade kept a lid on gold until it was unwound after 9/11 and gold caught back up to and overshot the money supply.
It's just a matter of time.