As I wrote on August 7, gold still shows signs of weakness. Let me show the current situation, taking GLD as an indicator:
Yellow areas indicate periods of weakness. During these periods gold outflows from GLD (red line going down). Note that during the current phase of the gold bull market the first period of weakness was between late March and the end of April. Now we have a similar situation - gold is going out of GLD vaults and the price of yellow metal is trading in a narrow range.
If history repeats, before gold prices start the next leg up we should see gold flowing into GLD (and the red line rising).
In my opinion, periods of weakness should be used to remodel our portfolios.
Next week I will try to present my opinion on this issue...