Ok... Gold is getting hotter lately, but from previous experience, I'm a little concerned about CB intervention in the gold market. Right now, gold prices (about USD 525) are high enough to allow for producer profits, probably not enough for them to take lower yield mines out of mothballs, but enough to encourage production at a reasonable clip. However, the supply is being bought largely by middle east and chinese/indian individuals who regard it as a store of value, particularly against their own not too stable political environment. Of course, we're along for the ride. And now the goldbugs are gaining a bit more currency, if you will pardon the pun. The reality is, however, that the CB's have a vested interest in maintaining the purchasing primacy of fiat money, and still hold massive gold reserves, which could (and probably will) crush the market at some point. Why haven't they intervened yet? Well, I surmise that there may be some advantage to allowing the producers to produce some more to increase supply (which they will only do at prices above $480 ish). More importantly, consider who is buying & hoarding - there may be a perceived advantage to allowing them to buy at higher levels and then crashing the price back down towards 400, to diminish the value of the holdings by 25% and make that wealth simply evaporate! Finally, as gold goes negative, 'smart money' moves back into equities (rather than bonds) which inflates equities & earnings further. So, where and when? Frankly, I don't have a clue. I would guess that it will be after a major CB meeting (when is the next G7 or basel, etc...) and at a price target of $600 or higher. This is not based on any good information other than an educated guess. Any ideas?