As many others have noted, gold seems to take a dump when European markets are open. Seems to stabalize later in the day and does a lot better when Asia is open. I guess Asia is buying all the gold. Just my opinion.
That is why gold will continue to rise faster and faster vs paper. Printing and losing money on interventions is very inflationary. You should rejoice that there are people crooked enough to give you national gold, or cause gold to be mispriced enough with paper fraud, to let you in down here. Foolhardy interventions have been making gold rise for the last 10 years.
But gold isn't rising. Unbacked paper money is crashing. It isn't going to stop no matter what happens. Too many idiots still believe the system is salvageable. When they realize what is happening, the stock market, bond market, and currency markets will be a wreck. Then it will be time to trade gold for assets.
I think you are 100% right. The fed is past the point of no return in my opinion. If they truly stop a loose policy, and let the system go back to "normal" we will have a major crash. Also, they have continued to say they will monitor the labor and housing markets to gauge how well things are going. Well since they have and will still continue to flunk out on both of those I guess it's going to be one qe after another. Maybe everyone shouldn't have been "entitled" to own a home in the first place. Maybe they should have let the banks fail for their mistakes. Oh well what's the use. This will all ultimately end poorly and by the way your $7.50 Wal Mart and restaurant jobs will really help fuel a true economic recovery. Just sayin'