$Gold Monthly

No doubt that gold's "job" is to break out from the volatility-smile price-skew set in the derivatives market and aided and abetted by the long-only GLD speculators, who dumped their positions in a panic.

Wall St. did not achieve their goal of irretrievably damaging the gold market, but set it up for a monster rally. The market sets the price.

But capital gains in the gold sector may be better off in the producing asset, gold miners.

Producers should be appraised that the gold bull is essentially over, unless special circumstances arise to drive prices higher. Certainly this special circumstance has to be negative rates.

The gold bull market may yet have one wave to complete, in what is called a Wave One extension. The 'five' wave will be the smallest one. (2.52X the price low)

http://schrts.co/Roq4OH

-F6