By Tim Seymour
The price of gold began its parabolic ascent in the summer of 2007, moving from approximately $665 to over $1,000/oz. as the U.S. dollar gapped lower on Fed actions to combat the credit bubble.
To get gold back to a place where the U.S. dollar depreciated as a direct function of the credit bubble, you need to go to around $650. Look at the move in the U.S. dollar as a function of the credit bubble move. Now that the U.S. dollar is back to strength as a result of "fundamentals" -- and not a flight to quality -- you need to see when gold was last at these levels.