The price of gold depends on many factors, but past patterns can give us important hints and suggest which of them are to be carefully studied and properly comprehended. If history were to teach us anything about gold’s past market values it would most primarily be the following: watch out for the feds! Wise observation of government policies is the main driving force for what is happening in the gold market (surely along with supply factors in the longer run). As we discussed a month ago, this is the main reason for the observed correlation between the gold price and the interest rates. Not because interest rates per se are always casually linked to the gold price. But because interest rates are a reflection of current government policies. In the April Market Overview report we are going back to the possible interest rate hike subject, so passionately and almost obsessively discussed in the media. What's likely to happen soon and what's likely years away? We invite you to read our thoughts on this topic in the current report.