However, I do expect the lows of this week to be re-tested in both metals at some point, if not this month (a bounce seems likely), then next. And frankly, at this point, I cannot in good conscience write this post, which will be read by millions of wide-eyed investors working hard to put food on their families, without acknowledging the prospect that the bull market in gold may be over. It seems mind- boggling that this proposition could be true, in the face of such pervasive corruption and arrogant parasitism, such hubristic folly and dysgenic idiocratization, but a continued move down to the $800's (and a year of $1000 as resistance) after a little dead cat bounce, in conjunction with new stock market highs and unemployment numbers down below 7%, wouldn't really surprise me.
There's been massive very-long-term chart damage on so many charts we've been looking at, e.g. stocks vs. gold, and this one:
Here's one of many academic articles offering a big-picture perspective to what's going on:
Financialization of the global economy
These factors are not gold bearish (though they explain why the financial class hates gold), and so I don't think gold will enter a bear market. The Fibonacci support line above shows a healthy 15 year correction to 38%, which I believe will reverse.
Here's the monthly 10-yr-yields-measured-in-oil chart, going back all the way to 1989. New bar again to close this month. I'm keeping my eye out for a reversal here too, which should be bullish for gold.
Here's a regular weekly version of the chart. If you recall, I put a lot of significance back in December regarding the parabolic channel on the log chart, which suggested to me that the end was nigh. Instead, the ratio broke out of that channel, bounced off it, and has taken off. I've drawn some possible reversal points, and I recommend they be watched.