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Gold - Bullsih or Bearish

Gold bearish because of expected Fed rate hike
He begins by noting how the potential US interest rate hike has put pressure on commodities, and is a cause of their disappointing 13 year low. Another cause according to Gibson were the market players, who first bet on puts, and then drove the spot lower. Only 3 Gold stocks have outperformed Gold since 2010 Gibson comments that the FTSE in USD terms has outperformed FTSE gold mines index and the Canadian venture index, with general stocks also on the brink of outperforming gold stocks. He continues by adding that only 3 gold stocks since 2010 have outperformed gold, with short term performances from all mining industry indices down 30% to 40% in $US terms.
US sees inflation problems ahead
He advises that the huge expansion in the monetary base has not been tracked by the currency in circulation, which normally covers 60-90% of the total monetary base, but currently lies at around 35%. Plus, Gibson presents his view on money circulation, commenting that the money given out by the Fed is handed back to the Fed via banks, leading to possible inflation problems ahead.