It looks like a double bottom for this correction in gold (the right hand bottom being a final shake out of the weak longs).
Yes, it went a tad/hair below it's initial correction hesitation but people are now, after 5-10 years, starting to get reality. The US government is going to go crazy spending (creating out of thin air via the combination of the US Treasury and the Fed) huge amounts of dollars. And since an extra dollar can't be created without first creating a dollar's worth of debt to go along with it, there is an explosion of debt being created.
This explosion of debt is exactly that which caused the problem to begin with. Therefor the goverment in the US will cause a deeper depression and a longer depression than the depression has to be. Many people allow their governments to worsen the situation because they confuse "money"/dollars/euros/etc with wealth. They don't understand that what counts is actual wealth, not "money"/dollars/euros/etc. One of the things those things are is a way to measure wealth. They are not wealth itself.
Not only are they creating huge amounts of dollars, they are creating an equally huge amount of debt equal to the dollars created. This is something most people don't understand which is why they can get away with it till the system crashes and burns. Too many people do not stop and wonder or know where all these new dollars come from, how they come into existence, what the price to be paid is for all these new dollars/euros/pesos and the debt that comes with them.
This is the US Treasury's and the Fed's way of doing things:
This is too many people in the western hemisphere:
There is already talk/planning by the US Government to steal assets from people's retirement accounts (IRAs, 401Ks, later maybe pensions) and replacing those assets with US Treasury debt in the hopes of replacing the foreign demand for US Treasuries with forced domestic demand. A possible last desperate measure to keep the price of US debt from taking a dive. It looks like the US Government was paying attention to Argentina's grand theft, and learning a trick or two.
Now a days, you can't count on digital bits on someone else's hard drive. Most "money"/dollars/euros/etc/stocks/bonds/other financial instruments are just digital bits on a hard drive, in a very convenient form and place to steal. Theft is rampant, particularly by governments. Gold and silver in your own hands are some of the best defences from the theft, one of the best **stores of value**. All those government controlled "savings" accounts of one form or another are dangerous places to store value, to "invest" in, etc. When government's backs are against the wall, they get ruthless. All you have to do it study the history that they will not teach in most schools.
"When plunder becomes a way of life for a group of men living together in society, they create for themselves in the course of time a legal system that authorizes it and a moral code that glorifies it." … Frederic Bastiat (1801 – 1850)
2009, the ninth straight year that Gold has gone up in US Dollar terms:
2001 - from $US 273 to $US 279 - up 2.20 percent
2002 - from $US 279 to $US 348 - up 24.73 percent
2003 - from $US 348 to $US 416 - up 19.54 percent
2004 - from $US 416 to $US 438 - up 5.29 percent
2005 - from $US 438 to $US 518 - up 18.26 percent
2006 - from $US 518 to $US 638 - up 23.17 percent
2007 - from $US 638 to $US 838 - up 31.35 percent
2008 - from $US 838 to $US 884 - up 5.49 percent
2009 - from $US 884 to $US 1096 - up 23.98 percent
And the other market(s) that have done this?
Amazingly most in the western world are still comatose about the economic realities that will determine the state of their future. This is starting to change. Something is up, politically, geo-strategically, economically, financially. Gold, silver and other atoms (commodities) are the defence against what's coming.
You can not own real estate in the US. You can only rent it from the government. If that was not the case, then real estate would be a good store of value.
What other stores of value are there, besides gold and silver, that have no connection to debt and taxes? There are some, but not many; and they do not have the quality/nature of real actual money like gold and silver do.