The performance of gold obviously depends on the U.S. economic condition and the Fed’s future actions. In the short run, the end of QE3 will most likely not change anything and gold will most likely decline on a dollar rally. It is likely to last as long the U.S. central bank credibility is at all-time heights. This is because gold can be seen as the reciprocal of central bank credibility. Thus, when central bank credibility is at a peak, gold is in the dumps. The end of QE3 could even strengthen the belief about the strength of the U.S. economy. After all, Fed would not halt the quantitative easing if the economy was not strong, right? Just look at the economic numbers, say the pundits. Unemployment went down, while GDP grew faster than expected in the third quarter, and oil is historically cheap, which will additionally boost the U.S. economy.