Friday, November 1, 2013

When Gold Was Officially Unleashed

Commenting on the short-term technical picture, David noted that, “They [the miners] are so low right now…I don’t know if the bottom is in or not, but it sure looks like it to me. As far as the metals go, I'm pretty sure that the key reversal on the 28th of June was it. But again, time will tell.”

Reflecting on the mid-market shake-out during the 70′s, David said, 
“I recall during the first bull market that we saw gold from it’s official fixed price unleashed in 71′, move all the way up to $200 oz over time…and then it sold-off substantially…to $100 oz. I remember the gnashing of teeth, people couldn't believe that gold had been to $200, when it was now at $100 oz. A lot of people gave up, and it took some time to work back to $200 oz.”

- Source, Bull Market Thinking: