Hello George,
I know you follow gold.
There are two indicators that make me believe that a very important rally is not very far.
First the XAU/gold ratio seems to indicate that relative to gold, stocks are now as undervalued as they were at the 3 most recent lows of March 2001, December 2001 and July 2002.
Second, it seems that the USD is now completing a corrective ascending triangle (or rising wedge) and is about to break to the downside.
Fundamentally, all things are too rosy right now. The illusive peace dividend is about to run its course. Maybe we will have to wait till early 2003 for this reversal in gold prices to take place as the action in Iraq and rising oil prices take the center stage. But I think that the fall in the USD will ring the bell. In short, I think that the flight from the USD is just ahead.