While this is not a signal that a bear market has indeed begun, it is a warning that the environment is ripe for one to begin, especially as we complete a 5-wave rally into a high.
Ira Epstein touches on the potential for inflation to influence the metals market, suggesting that while inflation is not yet present, it is likely to become a significant factor soon.
World Gold Council reported first quarter 2026 demand, with its Gold Demand Trends showing a 42% year-over-year increase in bar and coin demand, led by Asia.
Our expectation continues to be that gold will eventually break to the upside. But it has resistance to get through. First at around $4,700/$4,800 and then again at $5,000/$5,100.
Despite extreme volatility in this past half-year or so, average gold-stock price levels have remained much higher than ever before. These strong technicals are justified by spectacular fundamentals.
