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elite status lasts to end of the year you earned it plus one year.

Example I will make gold in December, my status will last until the end of 2008.

http://www.continental.com/web/en-US...e/qualify.aspx

Elite Status Membership Period

Upon qualification, Elite status is valid through the end of the program year in which you qualified, as well as the entire following year. For example, if you complete 25,000 flight miles on June 1, 2007, you will earn Silver Elite membership for the remainder of 2007 and the subsequent Elite program year.