Taking a longer term perspective, a rise from US$250 to US$1406...

Taking a longer term perspective, a rise from US$250 to US$1406 is not a bear market imo.

The extended correction in gold reminds me of the bear market correction in gold from US$190 in December 1974 to US$110 in late 1976, when the general view was that the gold run was over and gold was heading back to US$35 and lower.

We all know what happened over the next 3 years or so - a 700% rise in gold.

During the correction the gold shares also had a meltdown. For example, Gold Mines of Kalgoorlie was belted down about 90%. But it was to rise more than 9000% into 1980.