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Brien Lundin: Gold's strange behavior
By Brien Lundin
Gold Newsletter / Golden Opportunities
Metairie, Louisiana
Wednesday, May 7, 2025
Yes, it's different this time.
I know that's about the most dangerous phrase in all of investing, and virtually everyone who has ever uttered it was ultimately made a fool by the markets.
But there's no denying that this gold bull market is unprecedented for a number of reasons.
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First off, understand that gold, while it has a five-millennium-history as money, has only been an investible asset (and not officially regarded as money) since 1971, when President Nixon severed the dollar's last remaining connection to gold.
So if you count the early 1970s as one bull market, the late 1970s as another, and the 2000s as the third, then the current bull market is only the fourth in the history of gold.
Amazing to think that I've witnessed every gold bull cycle. (Admittedly, I was a teenager in the '70s and, fair to say, interested in other things.)
Anyway, when I say this gold bull market is unprecedented, I'm only comparing it against three other periods in history.
Still, this one is different because it has been largely driven by official buying from central banks and, to some degree, by demand from Chinese investors. ...
... For the remainder of the commentary:
https://goldnewsletter.com/go050725/
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