In a key turnaround, gold bounced up from its December lows this month on fresh safe haven buying as QE3 possibilities came back to the table. The psychological $1600 level was quickly surpassed. This is essentially the level that will determine if 2012 ends up being the 12th consecutive up year for gold. For now, we are seeing some backing and filling, which isn’t a bad thing... as long as the December lows hold. This is currently a very important juncture for gold, and for silver.