I’ve been bullish on gold now for a decade with very infrequent episodes when I thought a pullback could be coming. [For this year] the yellow metal was up 18% for the year and up nearly 350% over the past decade...
It may be overbought on a near-term technical basis, but gold — now on the precipice of breaking above $1,300/oz — is likely to remain in this secular uptrend for quite a while longer. We’re talking years. We’re still talking $3,000/oz. Gold has made this transition this year away from being a strict commodity towards a role befitting a monetary metal that is no government’s liability.
Bill - Not to get too wild here, but the high in gold, remember, was in 1982, at about $2300 in todays terms, or about 75% higher from the current $1300.
Update: Whoops - High was in 1980..