I've been disappointed enough times by precious metals to have developed a distrust of the stuff. As a chartist, I can say that gold certainly seems to be grinding out support, but I just can't shake the feeling that we won't really bottom until we push (briefly) below $1,000 per ounce. In any case, the longer-term outlook isn't good; even if gold rallies mightily, I can't see GLD making its way past about $110. So at best, it'll just be another rally to fade.

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