I think Gold is still a bull market. I think the monetary authorities around the world, with the exception of the United States, are continuing to err on the side of easier monetary policies, even the Japanese have no choice after they made a mistake last week . Normally one wants to think that a bull market in equities gives way to weaker gold prices, but that's not necessarily true. If the monetary authorities are in fact easing... that could still make the case for a stronger stock prices and for stronger gold
We are quite convinced at this point is that the bear market that had so plagued gold priced in US dollars since November of 2011 has rather obviously ended, even as the bull market in gold priced in yen has been extant for nearly three years and as gold prices in euros has been extant for a year or more.
Gold prices facing strong headwinds at $1300
We have no idea who it is or ‘what’ it is that has been selling spot gold at $1,300, but the seller there is obviously formidable. That seller shall have to be vanquished before the next bull run. One gets the sense, however, that the bullish forces are camping out just below that level to gather themselves for an assault upon the $1,300 fortifications. Let the battle lines be drawn.