If you believe that past is prologue, that is if you believe that the gold price is going to be primarily determined by faith in the US 10-Year Treasury, and you observe that the US 10-Year Treasury has been in a bull market since 1982, and that as a consequence the yield has fallen from 15.6% to 2%, I think you’re struck with the fact that the bull market in treasuries is closer to the end than to the beginning. Which means that the bull market in gold is closer to the beginning than the end.
If gold sells for $1,300 or gold sells for $1,350, neither price point is of any particular interest to me. I hold physical gold because it’s a medium of exchange that’s simultaneously a source of value. And a $20 move, $30 move, or a $50 move in either direction isn’t even background noise from my point of view. I’m in this for the long-term because gold is headed a lot higher than what it is trading for today.”