We are Nearing a Major Run Up in the Gold Price Similar to Early 1979
Is Gold in need of a long consolidation? I don't think so. I believe we are nearing a major run up in the gold price similar to early 1979.
If a 20 % correction in the gold price started under natural selling, I would believe it would be time for pause, perhaps many months (ie 6 -12 months) to consolidate before the market figures out what to do before it resumes its bull.
However since this sell off has been criticized as non legit with evidence of intervention followed with intense physical buying; this is not a sign of "TIME FOR PAUSE" but instead a rush to take advantage of a discount. This tells me the gold price could move substantially higher in the months ahead.
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