Gold appears to be putting in a double top. 

It may be that the bull market in gold is ending.

This is not the general thesis from which I am working.  I believe that inflation will re-emerge in a few years and gold will go to $1500 or $2000. 

However, I may very well be wrong.  It may be that gold is signaling an end to systemic risk in the financial system.

Some will argue that a gold top is signaling deflation.  That may be.  However, base metals appear to be putting in a bottom. 

Copper

Nickel

Zinc

If base metals are putting in a bottom, then deflation is not in the offing.  Rising base metals and falling precious metals would be a signal that the economy will improve in the not-too-distant future.

EDIT - Donald Luskin was on Kudlow tonight, and he said that gold and precious metals were his long-term favorite trade.  I guess the top for gold is in!