Stocks backed off a little yesterday. Gold fell another $28, bringing it to $1,221 an ounce. Where could gold go from here? Aw, c’mon… you know. Up or down. Down or up. Or, of course, sideways. The most deflationary analysts, such as Robert Prechter, are looking for a bottom for gold below $500 an ounce. The most bullish gold bugs, on the other hand, tell us that the sky is the limit. We stopped buying gold many years ago, when it went over $1,000 an ounce.