Gold to Rise or Fall?

This from Mish, quoting Steen Jakobsen:

Gold will be the best performer in commodity-led rally. We see 1425-1435 by year-end.

See. I don't think so...  you do not get a rally in a massive downturn, gold goes down too, but not so fast nor so far, which makes it an excellent hedge in deflation.  We'll see who is right.

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