Judging by the magnitude of the selloff in the US bond market today, I think we may assume that the rally has finally ended. I would expect yields on the long end to finally start rising, especially so given the rapidly rising inflation which is noticable to me, if not the FED. I think the FED may not be able to control this for very long without really accelerating the dollar's fall. All of this is very positive for gold. The bond market, I hope, will box the FED in, and as any commitment to a sane monetary policy vanishes, expect Au to rise in anticipation of the inevitable. I think it takes a S/M rally like today's to make us remember how far down this market has yet to go and how loathe people are to surrender their illusions. We who believe in Au have had happier days, but I believe we can take some cheer from what happened today. A rising S/M and a collapsing bond market are not the ingredients of a bull market.
keep in mind gold bugs have had allusions for a couple of decades now, and maybe will have to keep those illusions for another decade or so.. hope not, but you never know. I would not assume the gold shares are going to be going up in the near future... and if they do rally I would use that as an opportunity to lighten up a bit.