The gold price has endured significant setbacks over the past fortnight, signalling that the correction and consolidation phase from the previous March high of over US$1000 an ounce will be deeper and more prolonged than we had expected. The gold and energy sectors have clearly been unable to evade the ongoing bear market, which has now spread to all areas of the stock market. We dont believe the downturn in gold and oil is sustainable however, as the Chinese and Indian juggernauts will continue their relentless advance a situation convenient ignored by the commodity bears.