My thoughts are that if you have commercials and central banks who can deliver, and a bunch of short specs who will eventually have to sell to close their positions, the commercials will always eventually win. Does this mean that a bull market can't start? No, but upside is limited by buying power, and with a large spec long position already, that buying power has to come from somewhere else. There are lots of people (commercials and central banks) that have already recently proven that they will be happy to sell you all the gold you want at prices scaled up from well under $400/oz, so while we may settle into a higher trading range, until things change (which could certainly happen, of course) I don't see much more upside than we have recently seen. I may be wrong (It certainly wouldn't be the first time), but why would I want to fight those odds? There are plenty of better trades elsewhere than long gold, one of the worst trades & investments of the last few decades. Jessie