Gold-Euro not out of the woods

Yes, gold is at all time highs and the giddy target of 1300 has arrived.  But this is happening amid a speculative frenzy.  The gold-euro ratio (updated chart of GLD-FXE proxy shown here) does not yet appear to be fully corrected.  This means gold is not distinguished or unique which also means that speculation is alive and well. 

In late spring/early summer NFTRH noted a retrace target to around the EMA 75.  This is still in play.  I added two bearish positions yesterday and due to the fact that my PM explorers seem to rely on the broad market as much as they do gold, silver and the HUI for direction, today is going well.  Highly green on balance.  But the implications here are for a speculative frenzy, born of inflationary policies systematically injected, to continue.

The next post will update the USD/UUP situation.  Speculation gets another boost today.