US dollar used to be backed by gold ...how is that for intrinsic value!!! They ran out of gold to back the dollar up or the price of gold rose too much ...so they got rid of that system ...and yeah they had to print more money

Everyone and their mothers know that the government is gonna raise the debt ceiling by any means which is the main kicker for gold prices to go up ...what solution are they gonna come up with...not raise the debt ceiling and have the government shut down?

The dollar is going to fall against itself..it wont be worth as much as it is today or against commodities ...it wont buy as much of commodity as it will now

Do we really know how much of the inflation expectation is baked into the current price of gold?
Yes I agree QE3 doesnt have enough political appetite as of now ..but have u seen the current recession curves compared with the previous ones...I would expect a QE4 too by looking at those curves..

Any equity or commodity does not go up in a straight line, there will be pullbacks, profit taking and corrections along the way ...maybe soros was taking profits before anyone else did and then picked it up at the bottom again