Charts, page-12

Thanks @thomas1.

That long term chart is a beautiful sight for long term believers in gold. However, close scrutiny of the chart paints a more nuanced picture.

For those inclined to relive the detail of both the physical and equity POG reality. The chart incorporates both a 100% return from 2008/09 - 2011/12 and a 50%+ loss from 2012/13 to 2016/17. Great for investors experienced in cycles and prepared to be active both on the buy and sell side of the trade over time. It is not a simple buy and hold asset in my experience.

Gold like all commodities is cyclical and needs to be respected.

In my view we are roughly 1/3 of the way through the current bull cycle with 3 to 5 years left to run.

That is long enough to make real money and also long enough to get complacent and greedy and dream of higher prices forever. There will be a time to sell but that is a long way off yet.

Holders should enjoy some good years ahead amidst global financial mayhem. Over 1000s of years, gold has earned and proven its reputation as a "store of value".

NCM, if it continues to be independantly listed, will reward us all.

GLTASH