You can see that gold became a little overbought… now it’s heading down again.  Below are some charts we can use to compare to seasonality. Positive GDP doesn’t help the case for gold either.  At least the presses are still running. Another interesting point is that not many companies participated in the POG rise. Should they in the POG fall? It will come down to the net cost of production and profit margin at current price (or hedge).  As what happens often with commodities the get “shut in” where there is a supply crunch because companies slow production (not really a good thing) and then the price of the commodity itself starts to rise again. Most recent example of this is natural gas. For a seasonality vs trend comparison see below.