1. With the amount of debt outstanding in the world, money supply will have to remain high or else there is no money to pay off maturing debt or service the debt.
2. Once the Fed gets down to small numbers in bond purchases, the liquidity in the U.S. is going to dry up. and when that happens, the Fed will feel as though they "have to do something" and a return to bond buying, thus ruining their credibility and the dollar. Volatility in currencies will go through the roof! This includes gold.
3. But in about 2-3 years, the Fed tries once again to rein in money supply, their monetary balance and liquidity. This time, with them having lost their credibility, the markets decide to take over and long term yields begin to rise, and rise quickly. But by then, the dollar's fate will have been signed, sealed, delivered.
This (2-3 years) is when gold will reach its ultimate level of this long term super bull. Whatever it does between now and then will seem irrelevant. Because without credibility a paper currency returns to its intrinsic value.
Of course, there will still be government credibility due to the army, police force and national guard, so the government can force you to use dollars. But there will no longer be banking credibility. And without banking credibility you get financial chaos, and paper assets inevitably plunge, along with the paper currency in which they're designated.
Thanks to Chuck Butler.