The Boyz are defending $1080 and $18 for all they're worth! It is not hard to imagine that they are just fighting a rear guard action. I can't remember which crooked banker it was that said something like - many times all we have to do is buy some time and the crisis loses steam -.
I, not so respectfully, don't agree. With this crisis that we currently experience, the world is changing course. For decades gold and silver have been the domain of bugs, survivalists and those who did not trust the Bank/govt fiscal policies. Today we are seeing that other governments (non-western types) are no longer marching to the drum beat of the Us and UK cartel. Not only has the European community of CBs stopped selling gold, but more nations each day are starting to increase their gold reserves. Funds and individuals are buying precious metals as both investments and insurance. These are the emerging dominate players in the world of money.
The move to replace the US $ as reserves along with the associated movement to replace the US $ as the settlement currency, spell the doom of the US $. While the need to get out of $s is increasing there is a rush to gold. Not so much that the new players are gold bugs, but because there is, at this time, no suitable currency to take the place of the US $.
It will take years to get the world to define, accept, then implement new global reserve currency and a new settlement currency systems. While the world undergoes this currency spasm, gold will be the best safe haven with which to bridge the transition. My guess is that the transition will take on the order or 10 years to complete. Assuming that the process started last year, we may see a gold bull market that goes on through 2018.