Let's face – nobody knows what the hell is going on with gold right now. Since it's summer highs, the price of gold has been dropping and generally following the trend of the overall market. Which is really, really weird from a historical perspective.

Gold isn't the only commodity tanking right recently. Oil has dropped significantly of late as well, as have copper and silver. The list goes on.

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I called what appears to be the bottom in gold. You probably won't believe me, but I wrote the following to my good friend Speedo a few weeks ago:

One thing I'm thinking is that we may have seen a bottom for gold. GLD (the gold ETF) seems to have stopped around $83 and has gone up the last couple days. I've been tempted to buy, given my previous predictions about $850 spot gold (it's near $858 now, but was around $852 on Thursday), and I think it might be a good long-term play given inflation fears and probabilities.

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