Gold has not glistened since the summer of 2011 when a substantial rally took it to an all-time record price of $1900/oz.
Since then however it has been a one way trek south punctuated by an occasional weak rally or head fake. Gold’s inability to sustain a meaningful move to higher ground has been damaging to any portfolio that has acquired gold, silver or the associated mining stocks over the last 3 years or so.
Gold’s bull market lasted for 10 years from 2001 to 2011 before its rally came to an end. One can be forgiven for expecting such a rally to continue indefinitely as the same data which supported the precious metals surge were more or less still in place. Gold’s fall from grace can be attributed to