Hi Bobby- I agree with you that we won't have to wait for a recession. At some point, when it looks as though all of the blue sky has been wrung out of equities, hard assets will begin to look pretty good. I think that is when gold will start to move. Equities appear to be discounting a continuing high rate of earnings growth. If it doesn't pan out, capital will start to feel threatened, and will look for safe havens. For gold to enter a bull, I think that fear has to return to equities. I still can't believe that this bull in equities will continue forever. On the way to work this morning, I believe that I heard that machine-tool orders were up 60% last quarter? I wonder if managers are becoming too optimistic, building up excess capacity..
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