I’ve been saying for quite some time now that gold is not yet ready to take off. There are still too many gold bugs clinging on for hope after all these years and not until the last one has thrown the towel in will this gold bull market resume. What will make the last gold bug throw the towel in? Imagine the media generated hysteria if gold were to breach the psychological sub-$1000 mark. The front page of Time Magazine would declare gold dead. Interestingly this sub $1000 target happens to be neatly sandwiched between two weekly P2’s. I’m guessing if we were lucky enough to get such a move down that it will happen by the end of this year and it will be a back up the truck opportunity. Only taking out $1434 to the upside would negate this downside target. Either way we are not yet ready for prime time.