What's your thesis KS? Gold bull over? If not then your prediction for 35 on HUI is absurd (as is 150 HUI). I'm of the opinion that the uptrend will resume. Certain? Never. The next few weeks should tell weather this is just a fake out or real end to the market. I think the strongest argument for resuming its uptrend after this consolidation (i.e. continuing the bull) is that we are still in a negative real interest rate environment, the world economies are not growing (and so cannot even pretend to grow their way out of debt) witness the neg. GDP data for all of Europe, and of course the never ending QE to keep the system afloat. As none of those aspects of the world has changed, it seems that gold will prosper. Japan looks like will be the first currency to fall--Gold hit all time highs in early February in Yen terms. Gold was up 1/2 a percent or so today in Yen terms.