Do you see this chart?  In the old days when a world famous policy maker would jawbone about QE gold would sky rocket vs. the stock market.  Now? This does not look like a lack of confidence in policy making just yet.

GLD vs. the hedged Europe stock fund? Same thing.

The implication is that people want European stocks more than gold when the ECB chief speaks QE. That implies confidence intact and it remains a holdout fundamental for the gold sector. Sorry gold bugs, but that is what the chart says.

It appears that the trends have not yet changed out there on the macro. As for nominal HEDJ, it now targets 63 by the look of the pattern.