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Gold peaked at just over US$1920 in August 2011.
The powers that be then decided they would no longer contain gold's annual rises to 10% to 15%, but instead crush the gold price. That is also why analogies with the 1970s gold bull are not much good as there was then no attempt to crush the gold price, unlike today - something Volker has since admitted was then a big mistake by him as Fed Chairman.
It should be apparent that with unlimited amounts of paper, called gold, "worth" billions of dollars that can be dumped at times of choice on paper exchanges, the powers that be can control the gold price ad infinitum. That is what is now happening.
In addition, keep crushing the gold price and the Swiss people may think it's not such a good idea for their nation to recall their physical gold and back their currency by gold, so reject the referendum at the end of November.
I think the odds are now probably better than 50% that the gold price will start with a 10. After that a 9, 8 and even lower comes into play.
The odds are now probably better than 50% that the gold bull is over.
If so, for those folks young enough, they can look forward to the next gold bull in 15- 20 years time.
