*Analysis of recent correction in gold *Market has priced in an anticipated Fed rate hike in December *Fed will be forced to reverse course going into 2017 and ease *This is a short term correction and is not signalling a new bear market *Gold performance for the year *Physical gold flows and the gold “float” *Factors affecting short term USD/Gold price *Factors affecting long term USD/Gold price *Psychology of markets affecting availability of gold to the float *Three demand spheres for physical gold flows, the West, India, and China/East Asia *If Trump wins the election equities markets could have a substantial immediate drop, followed by a recovery *SDR issuance is going to be highly inflationary *Gold serves different roles in a Central bank portfolio versus an individual or institutional investor portfolio *Gold’s role moving forward is one of insurance versus tail risks, systemic failures, and future liquidity crisis *Gold held by central banks is the last line of defense for liquidity and confidence in central bank issued currency *FX trading effect on gold pricing and alleged manipulation *Gold Pool of the 1960’s, IMF coordination with the US selling gold into the market during the 1970’s *International monetary system is missing an anchor and is considered “incoherent” by current and former officials *Currency values continue to fluctuated wildy, this is a very unstable system *Measuring the buying power of gold