The US raised its nuclear alert level to DEFCON 3 today. The last time US armed forces were at DEFCON 3 was 9/11; before that, it was only during the Yom Kippur War (1973) and the Cuban Missile Crisis (1962).

And yet the gold price is not looking good; the fear is gone.

4.12_Gold_closing-weekly

The fear is gone baby
The fear is gone away
You know you done me wrong baby
And you'll be sorry someday

But gold bugs still have the Dow:Gold ratio to cling to. This coud just be the 1970's Dow rally.

dow-gold-ratio-1900-to-2009

But for now, the fear is gone.
Although, I'll still live on,
But so lonely I'll be.