The Phaserl


Buy Gold Stocks – When???

by Jeff Clark, Casey Research:

The fundamental picture for gold is as solid as it’s ever been since this bull market started, so we’re all eager to see the price begin its next leg up.

But is the bottom in?

One way to address that question is to compare the recent selloff to other large corrections…

In December 1974, gold entered a 20-month, gut-wrenching decline that cut the price by 47%. Our current correction began at the September 5, 2011 high of $1,895 (London PM Fix) and has fallen as much as 27%. Here’s an overlay of now compared to then.

The chart reminds us that the last great bull market in gold was interrupted by a prolonged, severe price decline, much deeper than our current one. The chart also shows the beginning of the mid-’70s rebound. From gold’s low of $103.50 on August 25, 1976, it rose 721% to its $850 peak on January 21, 1980.

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