Updated forecast from Steve Williams at CyclePro.
Keep in mind that these figures are adjusted for inflation.
Another way to look at this is through the Dow-Gold ratio. Our own forecast is that this measure reverts to the longer term support level of 3.66. Whether this is at Dow 3,660 or 36,660 will help to answer the question: inflation or deflation?
A return to 1.9 for a period of time is also possible.
