The bottom line is a new major gold upleg is gathering steam....

The bottom line is a new major gold upleg is gathering steam. Pummeled lower by heavy gold-futures short selling after a Fed-hawkish surprise, gold V-bounced sharply on huge covering buying. Despite that fast recovery, speculators still have massive gold-futures buying left to normalize their excessively-bearish bets. Their stage-one short covering isn't finished, and way-larger stage-two long buying has barely started.

That should easily propel gold deep into new nominal all-time-high territory in coming months. Record closes will drive extensive bullish financial-media coverage for gold, stoking widespread popular greed. That will increasingly entice back investors, who love chasing strong upside momentum. So this young gold upleg should have no problem attaining major status, and has real potential to grow to monster gains.