It is time to look again at the long term gold chart. Since the gold standard ended at 1971 gold is not officially backing any national currency.
The market reaction to the end of the official gold standard was a ten years bull market rally (wave 1) that took gold from 35$ to ~850$ (2300%) . The gold peak of 1980 followed by a twenty years gold bear market that took the price of gold as low as ~250$ (wave 2) , 600$ (70%) decline. The gold price bottomed around 250$ and then it rallied almost 200%, this is the third major Elliott wave. Wave three usually tends to be extended both in time and price.
If the third Elliott wave will match the first Elliott wave then the top of the third wave should be around 6000$ per gold OZ - I know that’s sounds unreasonable right now but that is a conservative target based on pure Elliott wave analysis.
If you are new and interested with Elliot Waves - see this excellent Elliott wave tutorial by EWI (free registration is required).
Here is a gold price fix chart with Elliott wave count. Looking closely at the chart, the price of gold is behaving similarly to 1973. (Click on the chart to enlarge)