Is the Gold Rally Over?

Despite all the uncertainty out of the Eurozone the past few months, gold has been trading in a narrow trading range between $1600 and its Sep 6, 2011 all-time high of $1925.10.

Its back and forth action while the Eurozone crisis rages on has convinced some that the 10 year gold rally is over.

Here is the gold chart for the last 11 years.

Yet, for all the talk of the demise of the yellow metal, gold is still up 23% year over year.

It has also outperformed the S&P 500 over the last 6 months. The Gold ETF, the SPDR Gold Shares (GLD), which tracks the price of the physical metal was up 10.7% while the S&P 500 has fallen 3.1% in that same period.

Is the gold rally really over or is this just a pause before the bull continues?

[In full disclosure, I own shares of GLD.]

Read the full analyst report on GLD