I agree with your points. I, too, have a longer-term outlook and use gold as a hedge. Inflation is the common one, but even deflation because I see central banks continuing their asinine policies, which are not likely to end well. However, I believe we will see a floor in gold because there is still so much uncertainty. JP Morgan will have to print a lot of sell contracts ;) $1,108 seen if the 2013 lows are taking out. But, I assume that if that were to happen it would have happened already when economic data was better.