Gold could be close to its next violent downmove

Please observe that this is a weekly chart and based on a log-scale.

Can anyone tell me why gold hasn't taken of like a rocket if hyperinflation is the big risk as is general idea at this point?

My view is that the idea of hyperinflation is wrong - dead wrong! We are headed for deflation and that is why gold hasn't tanken of.

I must admit that the picture isn't all that clear, but my favored count at this time is, that we have just finished minor wave ii of C and that would call for a violent move down as wave iii progresses towards its target near 642 and maybe even 594 (less likely at this time). Under this count we can't break above 971 again, if we do it will call for a move closer towards the 1.034 - 1.050 area, before heading lower again.

Don't get lost in the main street talk of (hyper)inflation as all evidence points towards deflation. Yes FED prints money, but that is only part of the game, what's missing is the credit and credit is being paid of faster than FED can print new money.