Gold has been stopped time and again in its decade-long bull market by recurring hurdles that appear at an ever-higher price. During these encounters, several things happen, most notable of which is the growing bearish sentiment in the face of a seemingly insurmountable price barrier. We are seeing that pattern repeat with gold’s inability to climb above $1140.
It is curious that this pattern repeats. It suggests that few learn from it, and more to the point, that somehow the fundamental outlook for gold has changed each time one of these barriers is hit. It hasn’t. The same factors driving gold higher all decade continue to drive it, mainly the ongoing debasement of national currencies by governments and central banks.
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Ed Note: Check out Peter Grandich’s list of interesting articles HERE