Gold may see a final spike up in the near term. While it is my theory that the safe haven trade is unwinding, I do see a final scare potentially propelling Gold to a slight new high. After that, it should rapidly collapse.
$1,230 is a 2011 target. Gold is trading at a substantial premium to Gold Miners (GDX - in yellow), and that gap needs to be filled.
Silver already experienced a collapse at the end of September.