| That chart could usefully go back a little further - as you say, the bull had begun by 1970 and was in full swing by late-'74, yet from there to mid'-76 the PoG got cut in half .... the bull was still on - that was a bull market dip, the 'bugs of the day were being ridiculed but they turned out to be right, just a little early that's all [this was where McAvity first got famous, by saying exactly that ... 'bloody chartists', people used to say, lol] ... gold stocks still tanked big in '75, such a state is not mutually exclusive with a secular bull of the metal ..... if memory serves [?], the stocks were telegraphing a rebound well before gold bottomed, in spring of '76 .... ?? ... thinking of Wharf, and Campbell Red Lake mostly .... anyway i think the point is, the bull often starts out disguised as something else at first, a particularly timid sheep at times even |
