Unfortunately Jim Rogers says $900 is the realistic target on the downside. All the great supporters of gold like Peter Schiff and Marc Faber are right about Gold long term. However all signs of inflation are masked, the Fed is doing a great job of hiding both the current recession and actual real rate of inflation through manipulation of the numbers. Since the market is buying the story for now, expecting Gold to rise in this environment would be swimming against the tide, especially against the backdrop of the historical sell-off in the miners. Since the miners have not significantly rebounded yet and already fallen back significantly toward the lows. The sector is not showing any strength or follow through currently. In the short term the major risk is to the downside at least until we see a clear technical bottom for the miners.
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